Chase Lumber sold to N.Y. investors
Chase Lumber, based in Aurora, Colo., has been sold to a New York investment firm for an undisclosed price. John Bradberry, the company’s CEO, told Home Channel News that the new investors, Brooks, Houghton & Co., “are interested in Chase Lumber for the long term.” Kachi Partners, a Colorado venture capital firm that acquired a majority stake in Chase Lumber in December 2005, “did not want to support the company going forward,” Bradberry explained.
Brooks, Houghton & Co., which provides financial services and investments to middle market companies, purchased Chase Lumber through a holding company, BHC Interim Funding II, on April 8.
According to Bradberry, the new owners plan to grow the company. In addition, Chase Lumber operates a door shop and truss plant in Aurora and lumberyards in Granby, Colo., and Casa Grande, Ariz. Sales were $40 million in 2006, which are the latest figures available.
Although it catered primarily to tract home builders during the boom, Chase Lumber as shifted its business more toward commercial and multi-family builders over the last 12 months, Bradberry said. “We have a completely different customer footprint now,” he added.