Florida-based building products distributor Gulfeagle Supply has acquired Tri-Excellence, Inc. d/b/a Banning Lumber & Millwork, located in Largo, FL. Washington Partners served as the exclusive advisor to Banning Lumber & Millwork in this transaction. Details of the transaction were not disclosed.

Terry and Marc Banning founded Banning Lumber & Millwork in 1990. 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 of these types of businesses in the region.

"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," said Banning. "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."

Banning said they "deeply care for our staff" and wanted them in the "right hands" after the sale.

"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," Banning said.

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, FL.

Gulfeagle has grown to 118 branches across the United States, with Banning Lumber & Millwork being the most recent acquisition.

"George [Chaconas] 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.

"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, FL.

George Chaconas, managing partner of Washington Partners, said the mergers and acquisitions advisory firm was able to maximize the value of the business and capitalize on the many years of building goodwill in the community that Banning Lumber achieved. 

"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," Chaconas said. "We wish Marc and Terry all the best in the future."