Diversified holding company Star Equity Holdings completed the acquisition of Big Lake Lumber. Minneapolis-based Big Lake Lumber is a building supply center and lumberyard. According to a news release, the company will be integrated into Glenbrook Building Supply, one of the businesses in Star’s construction division.
“We are excited to announce this important transaction for Star and Glenbrook,” Rick Coleman, Star’s CEO, said in a prepared statement. “This complementary bolt-on established Glenbrook as a regional player in the Twin Cities metro area and expands its client base. Furthermore, the accretive transaction immediately diversifies Glenbrook’s revenue mix by adding more single-family residential business and presents opportunities for margin synergies going forward—both of which we expect to generate substantial value for Star shareholders.”
Following the acquisition of Big Lake, Star will remain composed of its construction and investments divisions. Big Lake Lumber will be rebranded as a new location within Glenbrook, which operates a yard in St. Paul, Minn.
Old Greenwich, Conn.-based Star Equity Holdings’s construction division manufactures modular housing units for commercial and residential real estate projects and operates in two businesses: modular building manufacturing and structural wall panel and wood foundation manufacturing.