Central Valley to acquire Foster Lumber
NAPA, Calif. – Central Valley has entered into a definitive agreement to purchase Solano County-based building supply company, Foster Lumber, expanding Central Valley’s Northern California footprint. Central Valley brings new investment and operational depth to Foster Lumber to further enhance both companies’ competitiveness with its current list of prominent regional builders. Foster Lumber will continue to operate as a separate, wholly-owned subsidiary with the current management in place.
“We’re bringing two forces together with similar cultures and many of the same builder clients,” said Steve Patterson, CEO of Central Valley. “For Foster Lumber, Central Valley brings new investment to grow the business and operational opportunities, like purchasing and distribution, to enhance Foster’s dedicated service to its customers. For Central Valley, we are able to expand our product offering and our presence in the greater San Francisco Bay Area.”
Founded in 1955, Central Valley currently has sales approaching $140 million, operates six full-service lumber yards throughout Northern California, fully stocked for the professional builder. With over 41 acres of inventory and 55 delivery vehicles, the company also offers custom milling, prefabricated walls, and has a dedicated design department for custom plan take-offs. The acquisition of Foster Lumber expands Central Valley to nine locations.
Foster Lumber Yards, established in 1920, has built a solid reputation for customer service. “As I get ready to retire, this opportunity will make us better together and make sure the legacy of Foster Lumber is in good hands moving forward,” said David Jones, second-generation owner and President of Foster Lumber. “Both companies have strong relationships with custom homebuilders and professional remodelers. This is an excellent combination of service capabilities.”
“With continued demand for new construction, and a robust remodel market in the Bay Area, time is money for our customers. Together we have an opportunity to bring additional products, services, convenience, and expertise to our customers,” said Patterson. “We welcome Foster Lumber Yard to the Central Valley family.”
The acquisition is expected to close on Nov. 30.
Source: LBM Journal Lumber Partner Post