STRRP - Star Equity Holdings Announces Acquisition of Big Lake Lumber | Benzinga
OLD GREENWICH, Conn., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP)) ("Star" or the "Company"), a diversified holding company, announced today it has completed the acquisition of Big Lake Lumber, Inc. ("Big Lake"), a Minneapolis-based building supply center and lumber yard, effective October 31, 2023. Big Lake will be integrated into Glenbrook Building Supply, Inc. ("Glenbrook"), one of the businesses in Star's Construction division.
"We are excited to announce this important transaction for Star and Glenbrook," said Rick Coleman, Star's CEO. "This complementary bolt-on establishes Glenbrook as a regional player in the twin cities metro area and expands its client base. Furthermore, the accretive transaction immediately diversifies Glenbrook's revenue mix by adding more single-family residential business and presents opportunities for margin synergies going forward – both of which we expect to generate substantial value for Star shareholders."
Ron Schumacher, Executive Chairman of Glenbrook, said, "Big Lake is a tremendous culture fit for Glenbrook, and we are excited to welcome all Big Lake employees to the Glenbrook team. The scale created by this transaction positions Glenbrook well for further growth, increased market recognition, and potential new product lines."
Following the acquisition of Big Lake, Star will remain composed of two divisions: Construction and Investments. Big Lake Lumber will be rebranded as a new location within Glenbrook. Star will continue to pursue its growth strategy as a diversified holding company through both organic growth and acquisitions.
About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company currently composed of two divisions: Construction and Investments.
Construction
Our Construction division manufactures modular housing units for commercial and residential real estate projects and operates in two businesses: (i) modular building manufacturing and (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations for professional builders.
Investments
Our Investments division manages and finances the Company's real estate assets as well as its investment positions in private and public companies.
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that are not statements of historical fact are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 27A ...