Weyerhaeuser Co. has sold its Trus Joint Commercial division to Atlas Holdings for an undisclosed amount. The unit makes engineered wood products and building systems, and has been renamed RedBuilt.
The following is from a letter sent out by Atlas Holdings to its LPs and friends of the firm:
We are pleased to announce that Atlas Holdings LLC has closed on the acquisition of Weyerhaeuser Co.’s former Trus Joist® Commercial division, a leading global producer of engineered wood products and building systems.
The division will be established as an independent business, to be renamed RedBuilt. The Company’s headquarters will return to Boise, Idaho, where the business was founded 50 years ago. Members of the Company’s former management team – who led the business to the pre-eminent position in the industry – have joined us as investors and are returning to key roles as leaders of the business.
For Atlas, this acquisition plays to a key strength: successfully transitioning a division of a larger corporate parent into a strong, independent business with significant growth opportunities.
The entrepreneurial spirit that has animated this Company, and its tradition of excellence and total customer focus, drew us to the business and its people. RedBuilt will continue to provide the innovative building solutions to architects, engineers, developers, contractors and building owners coast to coast, and we have confidence in the long-term growth opportunities of the commercial building-solutions sector.
The company has a total of 235 employees across manufacturing facilities in Chino, Calif., Hillsboro and Stayton, Ore., and Delaware, Ohio, as well as 13 design and sales offices.
We are especially fortunate to welcome to Atlas an experienced management team — including distinguished industry veterans who are credited with Trus Joist Corporation’s meteoric rise in the 1980s and 1990s:
· Former Trus Joist CEO Tom Denig, who ran the company for more than two decades, will serve as RedBuilt’s chairman of the board.
· Former Trus Joist General Manager and Operations Vice President Bill Walters will serve as vice chairman.
· Kurt Liebich, who oversaw commercial and industrial operations at the company before succeeding Tom as Trus Joist’s chief executive, will be President and CEO of RedBuilt, as well as a member of its board of directors.
As you know, this is our second major acquisition in 2009. In May, we purchased the second-largest wheel blast and surface preparation equipment provider in Europe — the Othello Group —from Wheelabrator Group. That acquisition established our subsidiary, the Pangborn Corporation, as the third-largest wheel blast company in the world.
Our continued growth in this recessionary environment is the result of a special focus on identifying opportunities to acquire middle-market companies that have strong underlying value but are in distressed industries or facing complex financial, labor or environmental issues, including bankruptcy reorganizations, restructurings and challenging corporate divestitures. Our operations now include more than 40 facilities and 3,200 employees, and stretch across the United States, Canada and Europe.
If at any time you have a question, an idea, or just want to chat, please feel free to call or drop us a note.