Charlesbank Capital Partners, a Boston-based private equity investment firm, has acquired majority ownership of Cedar Creek – the largest cedar distributor in the United States.
The transaction, which is structured as an asset purchase, will provide the Cedar Creek business with capital to grow organically and expand within the wholesale building materials distribution segment beyond its current trade areas, the companies said in joint statement.
Terms of the deal were not disclosed.
Additionally, William Adams has been appointed chairman and CEO of Tulsa, Okla.-based Cedar Creek. Adams is an industry veteran with executive experience at ABTCO, Louisiana Pacific Corporation, Masonite Corporation and Trussway.
Clark Wiens, David Bond, and D. Wayne Trousdale will retain equity stakes in the business and remain in senior executive positions to run the business along with Adams.
"We are very pleased to partner with Charlesbank and Bill Adams as we move our business to the next level," Wiens said. "We remain focused on delivering top-notch service for our customers in terms of product offerings, delivery and price."
"This new partnership will help us provide the same high-quality service to our current customers as well as to new customers in expanded geographies," Wiens added.