Lumber Depot Limited Acquires Stake in Atlantic Hardware & Plumbing Company Limited

Lumber Depot Limited (LUMBER) proudly announces its strategic acquisition of a 35% interest in Atlantic Hardware & Plumbing Company Limited (“Atlantic”), a prominent Jamaican wholesaler and distributor. This acquisition marks a significant milestone for Lumber Depot Limited as it seeks to expand its footprint in the hardware and building materials sector.

Atlantic Hardware & Plumbing Company Limited, a well-established entity with three decades of industry experience, specializes in supplying hardware stores, contractors, and developers throughout Jamaica with a diverse range of products. These include building materials, plumbing supplies, electrical components, tools, and other essential hardware items. Located at 7a Ashenheim Road, Kingston 11, Atlantic operates under the leadership of Deanall Barnes, a seasoned business executive renowned for his expertise in trading and distribution of building materials.

In this new partnership, Atlantic will maintain its current business strategy, continuing its operations as a dedicated hardware wholesaler and distributor. The acquisition of the 35% stake, valued at J$210 million, was financed entirely through Lumber Depot’s internal funds. This strategic investment will be reflected in Lumber Depot’s financials starting from its first quarter, effective May 1, 2024.

Construct Group Limited, a private investment firm with substantial expertise in the hardware business and general business management, remains the majority shareholder of Atlantic. This collaboration is expected to strengthen the market position of both companies, leveraging their combined resources and expertise.

Lumber Depot Limited will have a significant influence on Atlantic’s future direction, with representation on the Board of Directors. Major Noel Dawes, Managing Director of Lumber Depot, along with two other directors, will join the board, ensuring a cohesive strategic alignment between the two companies.

This acquisition is a testament to Lumber Depot Limited’s commitment to growth and development in the Jamaican hardware and building materials industry, positioning the company for greater market influence and operational synergies.