Matrix Announces Tenth Transaction Closing for 2012, Serves as Exclusive Advisor to Wagner Lumber on its Sale to Baillie Lumber
RICHMOND, VA – August 14, 2012 – Matrix Capital Markets Group, Inc. is pleased to announce the sale of Wagner Lumber (“Wagner”) to Baillie Lumber Co., L.P. (“Baillie”). Headquartered in Owego, NY, Wagner serves as one of the premier producers of hardwood lumber in the Northeast region. Baillie, headquartered in Hamburg, NY, is one of the nation’s largest hardwood lumber companies.
Matrix Capital Markets Group served as exclusive financial advisor to Wagner. The transaction was led by Mike Morrison, David Shoulders and William O’Flaherty. Mike Morrison, Managing Director and Principal at Matrix commented, “We were thrilled to participate in this transaction that brought together two of the best hardwood lumber companies in the country. Culturally, both entities have done an amazing job of thriving as family-run businesses in difficult economic conditions. The leadership of Les Wagner and Steve Schaeffer at Wagner has been instrumental in making Wagner a truly desirable workplace where employees can have long, rewarding careers and maintain a great quality of life.”
Les Wagner, co-owner of Wagner Lumber said, “It has been a difficult decision for Steve Schaeffer and I to pass the torch, but we believe we have selected an outstanding partner in Baillie. We are also thankful for Matrix Capital’s guidance in navigating the process that led us to this decision and this exciting chapter in the company’s history.” Steve Schaeffer, co-owner of Wagner Lumber, added, “We are not retiring, but we feel that this transaction is the best way to insure the continued growth of Wagner into the future.”
Jeff Meyer, President of Baillie, added, “For many years we’ve been impressed with the excellence, innovation and overall leadership that Les and Steve have brought to Wagner Lumber. We are thrilled to have Les, Steve and their entire organization become part of the Baillie group and work alongside of us. We’re excited about the future of the hardwood industry, and how this partnership with Wagner will help us be a significant part of that future.”
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.