J.P. Hart joins Cornerstone portfolio
San Antonio-based J.P. Hart Lumber Company joined the portfolio of Cornerstone Building Alliance.
Cornerstone is the acquisition-oriented LBM management company run by former Stock Building Supply leaders Fenton Hord and Steve Short. The press release announcing the deal described the acquisition as a partnership that includes Hart, Hart Components and Hart Building Solutions.
“Cornerstone offers tremendous experience and their long-term investment matches our commitment to the business and its people,” said Greg Wright, president and manager of J.P. Hart. “After spending time with Cornerstone, it was apparent that they align with our company values. They are committed to acting with integrity, and they view people as the most important asset like we do.”
He said the infusion of Cornerstone capital could mean growth for J.P. Hart, which operates in San Antonio, Austin, Houston, Dallas and the Rio Grande Valley.
Cornerstone is based in Raleigh, N.C. Also under its umbrella is Alliance Lumber, in the Arizona market.
“Hart is a 75-year-young company with a philosophy that aligns with our culture and long-term horizon,” said Short, Cornerstone CEO. “They are a leading supplier of building materials in four of the top 20 markets in the United States and offer a diversified portfolio with the addition of their commercial group. Though these markets experienced a severe downturn, we believe home affordability and a pro-business environment will continue to drive growth in population, homeownership and new home construction.”
Short credited the Hart team for showing growth and profitability through the downturn, while also showing commitment to their people.