Hancock Lumber buys central Maine lumber yard
Photo / Tim Greenway
Hancock Lumber President Kevin Hancock
Courtesy / Hancock Lumber
Hancock Lumber's acquisition of Lapointe Lumber fills in a market where it did not have lumberyards.
Hancock Lumber said Wednesday it will acquire a building materials supplier with sites in Augusta and Gardiner.
Lapointe Lumber, a family owned company in its fourth generation and founded, has been in operation since 1947.
“Hancock Lumber is excited to be uniting with the employees, customers, suppliers, and communities served by Lapointe Lumber,” CEO Kevin Hancock said in a news release. “Lapointe has a long-standing family-business legacy of integrity and quality. The company represents the essence of what’s best about doing business in Maine. We’re honored to help shape and support the future of that already strong tradition.”
Founded in 1848, Casco-based Hancock Lumber is a seventh-generation, integrated forest products company with nine lumber yards (now 11), eight kitchen design showrooms and three sawmills. In 2018, it acquired Mainely Trusses, which manufactures key structural elements for residential and small commercial buildings. It also owns timberland in Maine. It has 550 employees and has said publicly that sales are around $200 million annually.
The deal, terms of which were not announced, gives Hancock a foothold in a market where it does not otherwise have stores.
“Expansion into this territory is a natural extension for us,” said Paul Wainman, president and CFO at Hancock Lumber. “Our team looks forward to growing with Lapointe’s existing employee and customer base, helping carry forward their family’s legacy. The Lapointe’s have built an incredible business, but more importantly a reputation and culture that align with Hancock Lumber’s.”
It also gives Hancock two additional outlets for its lumber products; Lapointe does not mill its own lumber and had sourced lumber from other mills.
The timing was right for Lapointe, said President Peggy Lord.
“Generational transitions in family business take careful planning and preparing,” she said. “When our family decided our next move would be to sell, it was imperative we sought out and selected the right partner to help bring Lapointe into the next generation. Thankfully our first choice was interested in learning more. Simply put, Lapointe Lumber is a great fit for Hancock Lumber and likewise, Hancock Lumber is a great fit for Lapointe.”
“From our first meeting with the Hancock team we knew this could turn into something really special,” Dick Tarr, Lapointe’s vice president, added. “Our culture and values could not be more aligned, and we’re thankful to have found the right partner.”
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Congratulations to Hancock Lumber and of course the Lapointe family. It's the end of an era in Augusta.
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