A building supply company has been sold to a lumber company, creating a substantial New Jersey-based building materials and supplies business, according to investment bank the DAK Group.
The DAK Group, based in Rochelle Park, said Union-based Jaeger Lumber’s deal for Verona-based West Essex Building Supply Co. capitalized on West Essex’s position as a full-service building supply business.
The DAK Group, which served as exclusive investment banker and financial adviser to West Essex, said Steve Raymond, managing director, led the transaction along with Elyse Greenbaum, director, and Sam Walsh, analyst.
“West Essex’s owners have been able to monetize the exceptional business they have built, while gaining a strategic partner to help accelerate their regional leadership position,” Raymond said in a prepared statement. “We are proud to have worked with them on this next step of their journey, particularly during this challenging period in our country.”
Added West Essex CEO Chip Schneider: “I met with the DAK team in March of 2020. We discussed my goals to sell the company by the end of the year and to protect my employees. DAK carefully formulated a customized divestiture strategy, accelerated the execution and achieved both my financial and personal goals.”