BMC buys Locust Lumber Company
Published 6:07 am Friday, February 15, 2019
A family-owned Stanly County business was sold to new owners earlier this month.
Locust Lumber Company was sold to BMC Stock Holdings, Inc., according to former co-owner Leon Huneycutt, president of the Locust branch. The company also has locations in Monroe and Southern Pines.
The sale was completed on Feb. 8. BMC made the announcement in a press release on Feb. 11.
“They approached us a few months ago and were interested in growing their market share in the Charlotte area, so that’s how it all started,” Huneycutt said. “We were not looking for someone to sell to. It just happened to be an opportunity for us, and I think for them, also.”
Huneycutt did not disclose how much the company sold for, but said that it grossed “well north” of $53 million in sales last year.
The company plans to keep all three locations open, with the employees — including members of the Huneycutt families — keeping their positions, Huneycutt said.
While the family didn’t plan to sell the business, it decided to take advantage of the opportunity.
“There’s always hesitation, but it was a family decision and everybody was 100 percent on board for the sale,” Huneycutt said. “As the family business grows and there’s more family on board, it becomes more and more complicated. So we were due to have a fourth generation enter the business, and here again, it waters down the pie, so to speak, and it just makes it more difficult the more family members you have involved in any family business.”
The family will keep all of the properties, Huneycutt said. BMC will rent them.
“We’re not leaving the business,” Huneycutt said. “Every family member is going to continue to fulfill a role in the run of the business. We’re making money and profitable and will continue to be for (BMC), so they need every person here.”
Huneycutt said customers should notice few changes other than a name change on invoices, but BMC will invest in the company to help boost it, he said, to “be a little more competitive than we have been.”
Leon Huneycutt’s father, Roy, began Locust Lumber in 1952, but the family’s ties to the company go back even further.
Leon’s great-uncle, A.J. Furr, owned the former A.J. Furr Lumber Company, Leon said. Roy served in World War II, and when he came home from the Philippines, he worked for Furr. The uncle’s health was in poor shape, so Roy purchased part of the company from him in 1949 and the rest in 1952. At that point, Roy started Locust Lumber. He passed the company on to his sons, Leon and Joel.
The company has grown since, with three locations and three generations of Huneycutts working for the business.
“Our values,” Leon Huneycutt said. “My mom and dad grew up in the Depression and knew the value of things and their word was their bond. We’ve been able to treat people fairly and honestly and I think that’s helped us grow our business dramatically over the years. It’s just hometown values.”
Huneycutt sees this as the company’s next step.
“It’s exciting for us and our employees and we’re looking forward to serving Stanly and Union and surrounding counties for a long time to come,” he said.
Locust Lumber will help BMC expand its reach in the Charlotte area.
“We are very pleased to announce the successful completion of another acquisition in the Charlotte market and would like to extend a warm welcome to the employees at Locust,” Dave Flitman, president and CEO of BMC, said in a press release from the company. “Together with our recent acquisition of Barefoot & Company, the addition of Locust positions us as one of the top providers of building products, services and solutions in Charlotte, which is one of the nation’s top 10 housing markets. Locust brings with it strong relationships with custom builders and professional re-modelers and helps to round out our geographic footprint in the Charlotte metropolitan area.”
Barefoot sells “windows, exterior doors, hardware, specialty products and installation services” in the Charlotte area, according to a BMC press release announcing the sale on Jan. 15.
BMC has its headquarters in Raleigh.
Imari Scarbrough is a freelance contributor for The Stanly News and Press.