WYOMING — After 30 years in business, the family-owned Wyoming Millwork Company has been sold to rapidly growing Builders FirstSource, becoming the fifth lumber yard the Fortune 500 company manages in Delaware.
The building supply company and lumber yard was founded in 1994 by Dave Failing and had grown into offering contractors and residents options in doors and windows, roofing and siding, cabinetry, molding and outdoor decks. Wyoming Millwork Company also offers contracting services with experience in cabinetry and pole bar design, as well as product delivery services.
The Wyoming Millwork Company had two locations: one in Wyoming, five miles south of Dover, and one in Milton.
Investment banking firm JIAN Group represented the owners Dave and Craig Failing in the deal. Terms of the sale were not disclosed.
“We are thrilled to join Builders FirstSource and ensure a bright future for the whole team that has made Wyoming Millwork Co. successful for the past 30 years,” the Failings said in a prepared statement. “When we decided to move forward with the sale of our family-owned company, we only considered having the JIAN Group represent us. From our initial meetings until the closing, JIAN managed our transaction like we manage our business assuring the importance of commitment and value was met.”
Builders FirstSource has been rapidly growing, acquiring similar small businesses like Western Truss & Components in Flagstaff, Ariz. and CRi SoCal in California, according to industry reports. The company, which trades on the New York Stock Exchange as BLDR, is the nation’s largest supplier of building products, prefabricated components and value-added services. Builders FirstSource has 570 locations in 43 states.
In Delaware, Builders FirstSource owns lumber yards in Georgetown and Christiana, as well as leasing space in Middletown. Jack Lingo Asset Management bought the Middletown warehouse and distribution center earlier this fall for $8 million.
Builders FirstSource also started a robust digital sales strategy which has brought in $250 million in supply orders since it launched in February. Sales at the start of 2024 through the second quarter totaled to $45 million, off from Builders FirstSource’s target of $1 billion in sales by 2026.
In an earnings call with investors, Builders FirstSource CEO Dave Rush indicated that the company was continuing to build market share with acquiring brick-and-mortar businesses throughout the country.
“Our disciplined approach to mergers and acquisitions includes increasing our market position in desirable geographies, extending our lead in value-added and specialty solutions, and enhancing customer retention. Our mergers and acquisitions pipeline remains healthy. and we believe we can continue to acquire in a fragmented market,” Rush told investors in an earnings call on Aug. 6.
