Deering Lumber, Inc. (“Deering”) announced that it has been acquired by U.S. LBM Holdings, LLC (“U.S. LBM”). This transaction is the successful culmination of an initiative led by Peloton Advisory LLC to identify a philosophically-aligned partner that would support the Deering brand, operations and team in their continued growth in Southern Maine.
Founded in 1866, Deering, operates three locations in Maine, serving custom home builders and remodelers across southern and coastal Maine and along the New Hampshire Seacoast. A distributor of lumber and wide range of specialty building products, including windows, doors, decking, wallboard, roofing and siding, Deering Lumber will continue to be led by President, C.D. Armstrong.
C.D. Armstrong, President & CEO, commented, “After 64 years of ownership by the Armstrong family, we deliberately and thoughtfully searched for the next steward of the Deering Brand and Employee family that we have created, nurtured and grown. It was of paramount importance to me that we find a partner that would allow our management team to continue on in their roles and ensure the same culture and service levels for our employees and customers. In U.S. LBM, we have found a partner with national scope and buying power that allows their 30+ divisions to operate locally in the markets they serve.”
“A strong customer base, diverse product offering and team focused on customer relationships make Deering Lumber an ideal addition to our family of companies,” said U.S. LBM President and CEO L.T. Gibson. “By adding a market leader in Deering Lumber, we’re expanding our reach and customer base in the coastal New England residential construction and renovation market.”
U.S. LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, U.S. LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country.
Peloton Advisory LLC provides M&A and business advisory services to highly successful, privately owned entrepreneurial companies and their owners.