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May 21, 2010
NEW YORK, May 21, 2010 — Charlesbank Capital Partners, LLC and Cedar Creek Lumber have announced a recapitalization whereby Charlesbank will acquire majority ownership of Cedar Creek. The transaction, which is structured as an asset purchase, will provide the Cedar Creek business with capital to grow organically and expand within the wholesale building materials distribution segment beyond its current trade areas. Covington & Burling LLP advised Charlesbank on the deal.
Based in Boston and New York, Charlesbank is a middle-market private equity investment firm managing more than $2 billion of capital. Cedar Creek is a leading wholesale building materials distribution company with headquarters in Tulsa and Oklahoma City.
The New York and Washington-based Covington team included partner Stephen Infante and associates Russell Valdez and Kyle Rabe (M&A), partner Carolyn Taylor and associate Jenna Wallace (management equity), partner John Gourary and associate Jason Groth (finance), partner Michael Francese (benefits), partner Corinne Goldstein (environmental), of counsel Heather Haberl (real estate), and partner Rob Heller, special counsel Jeff White and associate Rucia Pei (tax).