Courtesy / Hancock Lumber
Hancock Lumber plans to acquire the Madison Lumber Mill in Madison, N.H., effective Sept. 30.
September 8, 2022
Hancock Lumber makes its first sawmill deal in two decades, buying NH producer
Photo / Tim Greenway
Hancock Lumber CEO Kevin Hancock said the company plans to acquire the Madison Lumber Mill in Madison, N.H., effective Sept. 30.
Hancock Lumber said Thursday that it will acquire its first sawmill in over two decades.
The Casco-based lumber company, which has three other mills in addition to 11 lumber yards, said it will acquire the Madison Lumber Mill in Madison, N.H.
The Madison saw mill is New England’s sixth-largest producer of eastern white pine, Hancock said.
As a bonus, it is just an hour west of Hancock’s Casco headquarters.
Terms of the deal were not disclosed. The acquisition is expected to close Sept. 30.
The mill will continue to operate under the Madison Lumber Mill name. Hancock said it will also retain the mill’s employees, manufacturing systems, customer relations and products. General Manager John Fuller is expected to stay in place, while the current owners Kim Moore and Jim Smith will stay on “during a transitional period,” the buyer said.
The Madison mill has about 60 employees.
“The addition of Madison Lumber is filled with synergy for both companies. The current owners, Kim Moore and Jim Smith, have built an exceptional company. When you find caring owners that are looking for an exit strategy that can preserve and perpetuate their love for their business, employees, industry, and customers — well, it’s a win-win,” said Hancock Lumber CEO Kevin Hancock. “Hancock and Madison combine to offer a dynamic set of capabilities within the eastern white pine industry for log suppliers, customers and employees. This is a rare opportunity, and we are excited to maximize its full potential for the benefit of everyone associated with both companies. Our commitment to eastern white pine takes a long view and this partnership enhances that view.”
Madison Lumber Mill’s current owners acquired the mill from International Paper in 2001.
Hancock’s last saw mill deal was in 2000, when it bought the Chadbourne Sawmill in Bethel. It now has saw mills in Bethel, Casco and Pittsfield.
With four sawmills, Hancock Lumber said it will be able to expand its manufacturing capacity, but also its sales, operations and log-procurement teams.
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