1450 Brickell Avenue
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H.I.G. Capital Completes the Sale of American Hardwood Industries
MIAMI – March 26, 2014 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with more than $15 billion of equity capital under management, announced today that it has completed the sale of its portfolio company American Hardwood Industries (“AHI” or the “Company”) to Baillie Lumber.
Based in Waynesboro, Virginia, AHI is a leading manufacturer and supplier of hardwood lumber in the United States and abroad. Founded in 1955, AHI is the largest producer in its regions with over 100 million board feet of annual capacity across eleven sawmills and kiln drying facilities in Virginia and throughout the Appalachian territory. AHI is a vertically-integrated supplier that sells its products under the highly recognized Augusta, Blue Triangle and Graham Lumber brands.
H.I.G. originally invested in AHI, then Augusta Lumber, in 2006. Since that time, AHI has developed into one of the most important exporters of hardwood lumber to Asia and Europe, serving over 40 international markets. The Company has executed multiple add-on acquisitions that more than doubled the size of the business and also invested heavily in manufacturing best practices.
“H.I.G. has been an outstanding and committed partner to American Hardwood Industries. Through a series of add-on acquisitions and operational investments, H.I.G.’s support has helped AHI to more than double its revenues, upgrade its equipment, invest in business processes, develop its brands and expand its international reach to establish the Company as a leading exporter of US hardwoods,” said John O’Dea, CEO of AHI.
About American Hardwood Industries
American Hardwood Industries is one of the leading hardwood platforms in the American hardwood industry, with hardwood lumber and byproducts produced by Augusta, Blue Triangle, Cross Creek and Graham. It operates eleven facilities within the US with combined capacity of over 100 million board feet annually and ships to customers throughout the world. The Company sells its hardwood lumber under the Augusta, Blue Triangle and Graham Lumber brands, as well as under its Cross Creek wholesale trading division. The Company also sells hardwood flooring under the Montebello Flooring brand. For more information, please visit www.ahwood.com.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $15 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.