Central Valley to Acquire Foster Lumber Yards to Support Explosive Demand for Building Materials
Company Press Release
Central Valley, a U.S. top-100 building supply company, announced that it has entered into a definitive agreement to purchase Solano County-based building supply company, Foster Lumber Yard (“Foster Lumber”), expanding Central Valley’s Northern California footprint. Central Valley brings new investment and operational depth to Foster Lumber to further enhance both companies’ competitiveness with its current list of prominent regional builders. Foster Lumber will continue to operate as a separate, wholly-owned subsidiary with the current management in place.
“We’re bringing two forces together with similar cultures and many of the same builder clients,” said Steve Patterson, CEO of Central Valley. “For Foster Lumber, Central Valley brings new investment to grow the business and operational opportunities, like purchasing and distribution, to enhance Foster’s dedicated service to its customers. For Central Valley, we are able to expand our product offering and our presence in the greater San Francisco Bay Area.”
Founded in 1955, Central Valley currently has sales approaching $140 million, operates seven wholesale locations throughout Northern California. With over 41 acres of inventory and 55 delivery vehicles, the company also offers custom milling, prefabricated walls, and has a dedicated design department for custom plan take-offs. The acquisition of Foster Lumber expands Central Valley to nine locations.
Foster Lumber Yards, established in 1920, has built a solid reputation for customer service. “As I get ready to retire, this opportunity will make us better together and make sure the legacy of Foster Lumber is in good hands moving forward,” said David Jones, second-generation owner and President of Foster Lumber. “Both companies have strong relationships with custom homebuilders and professional remodelers. This is an excellent combination of service capabilities.”
“With continued demand for new construction, and a robust remodel market in the Bay Area, time is money for our customers. Together we have an opportunity to bring additional products, services, convenience, and expertise to our customers,” said Patterson. “We welcome Foster Lumber Yard to the Central Valley family.”
The acquisition is expected to close on November 30, 2018.
About Foster Lumber Yards
Serving industry professionals for almost 100 years, Foster Lumber, with its two locations in Vallejo and Fairfield, services Solano and Napa Counties. Founded by Gilbert Foster in 1920, it has been in Jones family since 1946. Foster Lumber’s long-term relationships with a variety of suppliers have proven to be a unique resource to the custom builders in the Bay Area.
About Central Valley
Central Valley is a Top 100 U.S. building supply company that proudly serves the builders of Northern California. For three generations, it has been family owned and operated and its commitment to customer service and satisfaction has never waned. From developers to builders and framers, Central Valley strives to make a difference with its employees, customers and in the communities it serves, through the values and high standards it employs. Central Valley donates 2% of net profits from every purchase to help build strong families and affordable housing.
Garret C. Ippolito – Chief Marketing Officer – (707) 261-7974
Source: Central Valley Builders Supply