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. According to Bradberry, the new owners plan to grow the company. Chase Lumber also operates a door shop and truss plant in Aurora and lumberyards in Granby, Colo., and Casa Grande, Ariz. Sales were $40 million in 2006, the latest figures available.
Although it catered primarily to tract home builders during the boom, Chase Lumber has shifted its footprint more toward commercial and multi-family over the last 12 months, Bradberry said. “We have a completely different customer footprint now,” he said.