Tibbetts Lumber Acquires Florida Forest, a 67-year-old Floor Trusses Manufacturer
Tibbetts Lumber Co. announced the acquisition of Florida Forest Products LLC, situated in Largo Florida.
Tibbets, based in St. Petersburg, Fla., announced that it will buy the entire asset portfolio of the single-location roof and floor truss maker. The deal’s terms were not disclosed.
Tibbetts Lumber’s U.S. footprint has grown to seven locations across Florida, with its sister firm, Cox Lumber Ltd., running two stores in the Cayman Islands.
“Florida Forest Products’ team and facility are highly complementary to our existing metro Tampa/St. Petersburg operations and we have many overlapping customers within various product segments,” Kyle Hooker, Tibbetts Lumber’s executive chairman and owner stated.
“Florida Forest Products gives us a very geographically-strategic footprint to complement our Central Florida truss production, and Rick’s team is experienced, well-disciplined, and respected in the marketplace. This is an exciting first acquisition for us.”
Florida Forest Products’ owner, Rick Cashman added, “I’m excited that Tibbetts Lumber shares our business philosophy and will continue the high level of product quality and customer service that we have provided to our customers for many years. In addition, Tibbetts Lumber has a very strong and experienced management team that will be able to lead and provide more opportunities for our great team!”
Tibbetts Lumber Co., with facilities in St. Petersburg, Land O’Lakes, Ocala, Crystal River, Palm Bay, and Lehigh Acres (Fort Myers) Florida, serves regional and custom/semi-custom builders and remodelers.
Roof and floor trusses, lumber and building supplies, interior and exterior doors, millwork and trim, windows, siding, and specialty products for new home construction and remodeling are among its primary business lines.
Russ Hallenbeck, Vice Chairman and CEO of Tibbetts Lumber, stated,“Florida Forest Products’ ‘Core Values’ and business model aligns perfectly with ours. This acquisition really kickstarts our strategic growth plan in Florida and throughout the Southeastern U.S.”
Tibbetts Lumber is essentially a reincarnation of the original Cox Lumber Co., which was bought in 1949 by Hooker’s grandfather, Linton N. Tibbetts, OBE, and operated until 2006, when it was purchased by a subsidiary of The Home Depot. At the time of the sale, Cox Lumber Co. had 28 Florida locations, and Hooker and his family founded Tibbetts Lumber Co. in 2009.
“After we sold Cox, my grandfather and I felt like fish out of water,” Hooker explained.
“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.”
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