1001 Brickell Bay Drive
Miami , FL 33131
H.I.G. Capital Recapitalizes Augusta Lumber Company, Inc.
MIAMI - December 15, 2006 - H.I.G. Capital, a Miami-based private equity firm, announced today the recapitalization of Augusta Lumber Co., Inc. (Augusta) and affiliates. Headquartered in Waynesboro, Virginia, Augusta Lumber is a leading supplier of hardwood logs, lumber and flooring, both in the United States and abroad. Founded in 1955, Augusta is a vertically-integrated supplier with extensive operations in timber-rights purchasing, sawmills, kiln-drying, flooring manufacturing, and logistical support. It operates six facilities in Virginia and West Virginia and a retail operation under the name Hardwood Solutions in Frederick, Maryland. The Company specializes in hardwoods with a focus on red oak, poplar, walnut, cherry and other fancy hardwoods, and sells its product under both the Augusta Lumber and Monte Bello flooring brands.
H.I.G. partnered with management to consummate the transaction. "We are very excited to have H.I.G. as a partner to continue to grow and invest in our business," said Mitch Carr, the Chief Executive Officer of Augusta. "There are significant opportunities to grow our operations in hardwood lumber and flooring. We think there will be acquisition opportunities over the next few years as well, and we look forward to working with H.I.G. to execute on our expansion plans."
"We have partnered with an outstanding management team that has created a leading market position through over fifty years of relentless focus on value-added services and quality operations" said Brian Schwartz, Managing Director of H.I.G. Capital. "They have an outstanding track record of success and we look forward to supporting their expansion plans."
About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.