HIG Capital closes American Hardwood Industries sale.
26 March 2014 - US private equity firm HIG Capital LLC said today that it had wrapped up the disposal of its portfolio company, domestic hardwood lumber supplier American Hardwood Industries Inc, or AHI.
The buyer is US hardwood lumber manufacturer Baillie Lumber Co Inc, HIG said, without disclosing financial details.
AHI, which was founded in 1955, owns eleven sawmills and kiln drying facilities in Virginia and throughout the Appalachian territory. Since 2006, when HIG first invested the firm, the buyout firm has more than doubled the size of the business, developing it into a major exporter of hardwood lumber to Asia and Europe, the vendor said.
John O'Dea, CEO of AHI, commented that HIG had been a committed partner, which had developed his company's brands and expanded its international presence.
Target: American Hardwood Industries Inc (AHI)
Buyer: Baillie Lumber Co Inc
Vendor: HIG Capital LLC