Gulfeagle Supply Acquires Banning Lumber & Millwork

Washington Partners, LLC, one of Florida’s premier mergers and acquisitions advisory firms, has announced the sale of Tri-Excellence, Inc. d/b/a Banning Lumber & Millwork, Largo, Florida by owners Terry and Marc Banning, to Gulfside Supply, Inc. d/b/a Gulfeagle Supply. Washington Partners served as the exclusive advisor to Banning Lumber & Millwork in this transaction.

Terry and Marc Banning founded Banning Lumber & Millwork in 1990. Located in Largo, Florida, in Pinellas County between Clearwater and St. Petersburg, the Company is a fully stocked lumberyard offering an extensive selection of building products including but not limited to millwork, doors, windows, moldings, stair parts and exterior siding. Banning is a wholesaler that sells exclusively to the trade. The Company is one of the largest and most successful such businesses in the region.

Following the sale, Mr. Banning commented, “After nearly 35 years in business, Terry and I were looking to take advantage of what we had built and move on to the next phase of our lives. We wanted to spend more time with our family and friends, and travel – we have traveled as time has permitted but there are still many places we want to visit. As we did not have a formal succession plan, we decided to hire professional mergers and acquisitions experts George Chaconas and Steve Hyden of Washington Partners to help us navigate this life-changing decision. Although we had committed to selling the business, we also deeply care for our staff, and wanted them in the right hands after our exit. The Washington Partners team was sensitive to that issue and brought the right buyer to the table, and we are very grateful to them for helping us accomplish this goal. We have no doubt that we made the right decision to work with George and Steve of Washington Partners.”

George Chaconas, Managing Partner of Washington Partners, commented, “Steve and I met Terry and Marc Banning early in 2023. I have grown to admire not only their undeniable business acumen and success but also their commitment to family and community. When the time came to sell their business, I understood that it was not an easy decision, and that we would need to find the right buyer. Steve and I are honored that we were able to identify a great buyer who will remain dedicated to what the company stands for and to how Marc and Terry ran the business and who will also be committed to taking care of the staff. We were able to maximize the value of the business and capitalize on their many years of building goodwill in the community. We wish Marc and Terry all the best in the future.”

America’s premier roofing and building products distributor, Gulfeagle Supply specializes in servicing the professional roofing contractor and provides a variety of products and services to the homeowner, building owner, architect and general contractor. In addition to roofing products, Gulfeagle’s offerings include lumber, drywall, windows and a myriad of other building products. Founded in 1973, Gulfeagle Supply opened its first location in Tampa, Florida. Today, Gulfeagle has grown to 118 branches across the United States, with Banning Lumber & Millwork being the most recent acquisition.

Gulfeagle’s founder and CEO Jim Resch commented, “George and I have known each other since the 90s and when the opportunity came to our attention, I was very pleased to learn Washington Partners was representing the Bannings. George and Steve were great to work with. They understood Banning’s value proposition and our growth strategy and were instrumental in dealing with the many moving parts among buyer, seller and various advisors.”

Mr. Resch elaborated, “Throughout the process, George and Steve were very involved in every aspect of the buy/sell process and their experience and expertise ensured a very efficient and successful transaction. I would say to any owner of a middle market business, regardless of industry, if you are in the market to acquire a business or are considering selling your business, I strongly recommend George Chaconas and Steve Hyden of Washington Partners.”

Banning Lumber & Millwork will remain at its current location at 12595 S. Belcher Road, Largo, Florida.

About Washington Partners, LLC

Founded by Managing Partner George Chaconas in 1999, Washington Partners and its professionals specialize in providing intermediary services for lower-middle market business owners who are contemplating exit or growth strategy opportunities. Its experienced mergers and acquisition specialists provide insight and strategies as to the right time to sell and prepare the company to sell.

The firm offers various services including succession and exit planning, mergers, acquisitions, divestitures, valuations, and transaction consulting. WP’s client base includes public and private companies, investor groups, private equity groups, family offices, and management buyout groups throughout the world.

For more information about the services offered by Washington Partners, visit washingtonpartners.com.

Contact:

George Chaconas, Washington Partners, LLC – gchaconas@washingtonpartners.com – (813) 254-9274

Source: Washington Partners, LLC