FORT WORTH, Texas–Conner Industries, Inc. (“Conner” or the “Company”) announced earlier this month that it has completed the acquisition of Continental Timber Company (“Continental”), a regional lumber processor founded in 1978 by Herb Rea and Ronald Watkins.
As a result of the acquisition, Conner’s operations have now been expanded to Wichita, KS. The Company is now strategically positioned for new growth in the Midwest and is better able to service its existing customers located in KS, MO, CO, OK and IA. With more than 650 employees, Conner now services over 1,900 customers nationwide from 13 manufacturing plants located in 10 states, and processes/sells annually more than 330 million board feet (MBF).
“We welcome all Continental employees as members of Conner’s growing family. Over the past 38 years, Continental has grown steadily due to its deep customer-centric focus and hard-working culture, which is similar to Conner’s. We are excited to combine forces so that we can continue to grow organically and build on a tradition of excellent service, quality products, and deep expertise in the lumber industry,” said Joseph McCormick, CEO. “To accelerate organic growth, Conner has established an attractive sales commission structure, and we are actively seeking and hiring experienced salesmen and lumber traders,” added Mr. McCormick.
“Having recently completed two acquisitions – Golden Triangle and Continental Timber – Conner intends to continue to expand and deepen its geographic coverage through strategic acquisitions. Conner has a strong balance sheet, as well as the full support of Wells Fargo, our commercial lenders, and Argentum, a private equity firm and Conner’s majority owner,” said Kurien Jacob, Chairman of the Board. “We welcome all acquisition ideas and opportunities from business brokers and investment bankers,” added Mr. Jacob.
“We are pleased to note that in the last six months, since his arrival at Conner, Joe is transforming the culture and DNA of the Company, making it more responsive to customers’ needs and providing better quality products and services,” said Walter Barandiaran, Argentum’s Managing Partner. “Joe is creating an excellent working environment throughout the Company, from the sales and trading floors to each of the plants, and has established a leveled playing field for all employees to achieve success and prosper,” added Mr. Barandiaran.
Source: Conner Industries, Inc.