Astara Capital Partners has formed Camden Timbers to acquire and restart the assets of Victory Lumber LLC, a sawmill in Camden, Arkansas. No financial terms were disclosed.
NEW YORK, May 17, 2022 – Astara Capital Partners, LLC (“Astara”) announced that it has formed Camden Timbers, LLC (“Camden Timbers” or the “Company”) to acquire and restart the assets of Victory Lumber, LLC (“Victory”), a Southern Yellow Pine sawmill located in Camden, AR. Camden Timbers is Astara’s second sawmill investment in the ACP Lumber Holdings, LLC (“ACP Lumber”) platform following its acquisition of Cross City Lumber, LLC (“CCL”) in April 2021.
Astara began working on the opportunity in 2020 after it was contacted about the mill by a group of sawmill executives with whom Michael Ranson, Astara’s Managing Partner, had worked in the past. This team of executives, led by Brett Bray, was responsible for restarting Caddo River Forest Products (“Caddo River”), another mill in Arkansas where Mr. Ranson and Bob McKagen, CEO of ACP Lumber, served as board members.
Mr. Bray, who has decades of experience in the sawmill industry, commented, “I am excited to once again partner with Michael as well as the teams at Astara and ACP Lumber. We have a terrific opportunity to greatly improve the mill’s infrastructure and bring jobs back to Ouachita County and the surrounding area. Our team learned a lot from the Caddo River restart and is proud of the economic contribution that restarting Caddo has made to its local community. We are eager to get to work and make Camden Timbers a success.”
“The Camden Timbers team has developed a comprehensive plan to invest significant capital in the mill,” said Mr. McKagen, “and ACP Lumber is excited to support the project. Brett and his team’s plan will create a preeminent small-log timbers mill that is highly synergistic to CCL and complements our focus on specialty and dimensional lumber.”
Mr. Ranson added, “I’m thrilled to be working again with the same talented executives that made Caddo River a success. Astara is fortunate that both of our sawmill investments are led by teams with whom we have worked in the past. In addition, we remain committed to investing in an industry that fosters sustainability. The pine forests in the southern U.S. are a massive, renewable resource. The carbon-capture benefits of building with lumber are underappreciated and stand in contrast to the carbon emissions generated by alternative construction materials.”
Robinson Bradshaw & Hinson, PA and IceMiller LLP served as legal advisors to ACP Lumber.
About Astara Capital Partners
Astara Capital Partners is an integrated team of investors and operators investing in the middle market. The firm brings capital, strategic, and operational resources to its investments to build sustainable value and position them for long-term success. Astara focuses on a variety of sectors where it has deep experience, including packaging and converting, food, building products, forest products, and industrial manufacturing, distribution, and services. More information about Astara can be found at www.astaracapital.com.