Investment firm Homewood Holdings LLC has acquired Evergreen Lumber Inc., a building materials dealer based in Port Orchard.
Evergreen is a mainstay of the Kitsap County building community, with 77 years of operation in the area. The company is Homewood’s second acquisition, with the California-based firm seeking to enlarge its footprint in the Pacific Northwest.
The acquisition addresses a succession planning need for Evergreen, with Jeff Swan, owner and president, retiring after the transaction. He will remain an advisor and retain, according to a release from Evergreen, a “meaningful financial interest” in the company.
Keith Elledge will continue his role as Evergreen vice president.
“We are excited to bring Evergreen Lumber into the Homewood family,” said Zach Coopersmith, managing partner of Homewood parent company BIP. “Evergreen fits Homewood’s acquisition strategy of investing in strong businesses in growing markets, in partnership with proven operators. We’re bullish on the Seattle market and are excited for [Homewood CEO] Jim [Stockman] and Keith to build upon a strong legacy business with over 75 years in operation.”