Hancock Lumber to acquire NH building materials firm as expansion streak continues
FIle Photo / Tim Greenway
Kevin Hancock, Hancock Lumber’s CEO, said the acquisition of Winnipesaukee Lumber will result in long-term benefits for both companies.
Hancock Lumber Co. is on an expansion spree.
The Casco-based company announced Tuesday that its plans to acquire Winnipesaukee Lumber Co. Inc., a building materials supplier in Wolfeboro, N.H.
Terms of the deal were not disclosed.
The news comes after Hancock said in April that it would buy Lapointe Lumber, a supplier with sites in Augusta and Gardiner.
In 2020, Hancock built a new lumberyard and kitchen design showroom in Saco, the company’s 15th location in Maine.
Deal expected to close this fall
Hancock and Winnipesaukee have set a tentative closing date of Nov. 1, according to a news release.
The two companies said they are a good fit and will work together in the coming months to ensure a smooth transition for their workers and customers. Both companies are family businesses focused on contractor sales, high-quality products and personalized service.
Established in 1848, Hancock Lumber is a seventh-generation, integrated forest products company with 600 employees. Winnipesaukee Lumber was founded in 1985.
“I’m personally thrilled to welcome Winnipesaukee Lumber into the Hancock Lumber family,” said Kevin Hancock, Hancock Lumber’s CEO. “Dick and Dianne Quinby have made an indelible contribution to the lumber industry in both New Hampshire and Maine since Dick began his career in 1959. It’s an honor to build off their legacy.
"From the very first time Dick and Dianne welcomed me into their home, I knew this was something we wanted to make happen. Our team could not be more excited about this acquisition for the long-term benefit of both companies.”
Geographically, Winnipesaukee’s location in Wolfeboro complements Hancock’s locations in North Conway, N.H., Bridgton and Kennebunk, all three of which are less than 50 miles away. The deal would also allow Hancock Lumber to offer products, services and stores from the heart of New Hampshire’s lakes and mountains.
Tactical growth
“Any strategic opportunity we entertain must be a cultural fit first, and this partnership is no exception,” added Hancock’s president and CFO, Paul Wainman.
Hancock’s 11 lumberyards, nine kitchen design showrooms, three sawmills, truss and wall panel manufacturing facilities, and timberlands will provide the Winnipesaukee team with additional manufacturing and distribution resources that can be added to its existing product and service offerings catering to its high-end residential contractors and subcontractors.
“When the time came to retire, we decided the next best step was to sell our business,” said Winnipesaukee’s co-owner, Dick Quinby. “From our first meeting together, we knew Hancock Lumber was the right fit — they are a local, family-owned business whose culture and values are completely aligned with ours and we could not be happier about this partnership for the future.”
In recent months, other lumber and building supply companies in Maine have been growing through acquisition. They include Belgrade-based Hammond Lumber, which last fall acquired Tukey Bros. Inc., a nearby sawmill, and Ware-Butler Inc., of Waterville, which in April announced plans to buy three independent lumber retailers.
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