Florida-based Tibbetts Lumber Co. Agrees to Acquire D & M Truss Co. in Pensacola, Florida
Tibbetts Lumber Co. LLC announced it has agreed to acquire Pensacola, Florida-based D & M Truss Co. The transaction is expected to close later in 2022.
The St. Petersburg, Florida-based multi-location building materials supplier’s agreement is to acquire all of the assets of the single-location, Pensacola, Florida-based roof and floor truss manufacturer.
“Assuming this deal is consummated, D & M Truss’ team and facility are strategic to our existing Florida operations to allow for further growth into Florida’s panhandle, Alabama, and Mississippi; finally propelling us over the Florida state line. D & M gives us a very geographically-significant footprint to complement our existing Central Florida truss production, and the team is experienced, well-disciplined, and extremely respected in the marketplace. This is an exciting growth opportunity and time for us,” stated Kyle Hooker, Tibbetts Lumber’s Executive Chairman.
Tibbetts Lumber’s Director of Human Resources, Rob Hicks, said, “As a people-first, growth-focused leader in the building materials industry, we are excited to work with the D & M team and bring aboard the exceptionally hardworking and dedicated employees as part of the Tibbetts Lumber family. It’s an amazing opportunity to have their talent and expertise join the team!”
Upon the closing of the transaction, Tibbetts Lumber’s U.S. footprint will increase to 10 locations throughout Florida and its sister company, Cox Lumber Ltd., operates two locations in the Cayman Islands.
Tibbetts Lumber’s Vice Chairman and CEO, Russ Hallenbeck, commented, “D & M’s ‘Core Values’ and business model align with ours. If this acquisition closes, it should enhance our ability to serve current key and future customers in the Greater Pensacola area. Servicing customers in the Florida Panhandle solidifies our strategic growth plan in Florida and throughout the Southeastern U.S.
Tibbetts Lumber Co. serves regional and custom/semi-custom builders and remodelers with locations in St. Petersburg, Largo, Land O’Lakes, Ocala, Crystal River, Lecanto, Palm Bay, Lehigh Acres (Ft. Myers), and Englewood Florida. Tibbetts’ primary business lines include roof and floor trusses, lumber and building materials, interior and exterior doors, millwork and trim, windows, siding, and specialty items for new home construction and remodeling.
Tibbetts Lumber is essentially a rebirth of the former Cox Lumber Co., which was purchased in 1949 by Hooker’s grandfather, Linton N. Tibbetts, OBE, and operated until 2006, when it was acquired by a subsidiary of The Home Depot. Cox Lumber Co. had 28 Florida locations at the time of the sale, and in 2009, Hooker and his family started Tibbetts Lumber Co.
Hooker stated, “After we sold Cox, my grandfather and I felt like fish out of water. We really didn’t know what to do at that point. So, we decided to start Tibbetts Lumber Co. in 2009, and we have hired back over 70 of our former employees who have helped recreate the unique, family and employee-centered, and very special culture that my grandfather Linton, Bob Fehr (former Cox president and director), and Juan Quesada (former Cox and Tibbetts Lumber president and current director of Tibbetts Lumber) created over the course of 57 years. I truly think we have taken that culture and ‘feel of the company’ to an even greater level at Tibbetts Lumber, and we are excited to continue our growth with the expected acquisition of D & M Truss Co. with its similarly embedded culture and product offerings.”
Source: Tibbetts Lumber Co., LLC