Watermill Group acquires Weston Forest
January 5, 2021 By Weston Forest
Weston Forest, a leading distributor and remanufacturer of softwood and hardwood lumber and specialty panel products, today announced it has been acquired by the Watermill Group, a strategy-driven private investment firm.
“This is a historic event for everyone at Weston Forest,” said Steve Rhone, president, Weston Forest. “Our partnership with the Watermill Group will give us the strategic expertise and financial resources we need to help us enter the next phase of our growth. Watermill’s culture and values are an excellent fit with ours, and this strategic move will allow us to continue to offer a diverse range of products and services to our customers and suppliers, while providing more opportunity to our employees.” The Weston Forest executive team remains heavily invested in the company.
Weston Forest operates several facilities across eastern Canada and the United States, providing products and services that are essential to commercial and residential construction as well as the production and shipment of industrial goods. Customers and suppliers of Weston benefit from the company’s diverse business model and concentration on niche markets, which has helped insulate Weston Forest from the usual impacts of commodity cycles and economic swings. The company’s reliability and collaborative and committed corporate culture fuels its brand promise: “You’ll love doing business with us.”
“Weston Forest is an exceptional organization that has shown significant and sustained growth over the last decade,” said Julia Karol, president and COO, Watermill Group. “We are looking forward to partnering with Weston’s talented and deeply knowledgeable management team, providing the tools and financial support needed to accelerate growth.”
For the investment, Watermill has included as a co-invest partner Walter Capital Partners, a private investment firm based in Canada. Debt for this transaction was provided by National Bank of Canada and TD Bank. Richter Advisory Group Inc. provided financial due diligence advice to Watermill and Proskauer provided legal counsel. Weston Forest received legal counsel from Torkin Manes and advisory services from Deloitte and EY.
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