New Orleans, LA – February 5, 2018 – Legacy Capital (www.legacycapital.com), an advisory firm specializing in investment banking for private companies, is pleased to announce that as of January 1, 2018, its clients, Bruce and Terry Reynolds, management of Rives and Reynolds Lumber Co., Inc. (R&R) and Monticello Tie & Timber, LLC (MT&T) have sold the Natchez, MS division of R&R and the equity of Natchez, MS based MT&T to Jones Companies.
R&R was founded in 1971 and operates hardwood sawmills in Louisville and Natchez, MS. For 17 years, the Natchez mill has sold primarily kiln-dried and air-dried lumber both domestically and internationally. MT&T, purchased in 2006, operates a small-log tie and timber sawmill that sells railroad ties and timber to treating facilities and rough green lumber to domestic manufacturers. The companies source raw materials including Red Oak, White Oak, Ash, Poplar, Cottonwood, and Pecan logs locally and have built a strong reputation in the Mississippi lumber community.
The R&R mill in Louisville will continue its operations, and after a transition period, Bruce will join his father, Terry, in operating the Louisville mill. Terry said, “At 77 years old, I am ready to have Bruce move in to the management of the Louisville operation. I will continue to be involved, but I am looking forward to turning the reins over to Bruce.” Bruce added, “Having grown up in the Louisville mill, I look forward to growing that operation and building on its historical successes.”
Jonathan Jones, President and CEO of the Jones Companies, said, “We are excited to expand our operations in to the grade lumber business to complement our existing mat operations. We believe that the R&R and MTT mills are among the best in the Southeast, and we plan to further the efficiency and production of the mill with capital expenditures.”
Legacy Capital served as transaction advisor to the Reynolds. Chip Porter, Managing Director, said, “It was a pleasure working with Bruce and Terry in this transaction. Bruce and Terry had a clear vision for consolidating the R&R operations in the Louisville area, and we were able to help them accomplish their goals. It was also a pleasure working with the Jones Companies and its advisors. The forest products industry is an area of particular focus for Legacy Capital, and we look forward to working with others in the industry.” Bruce added, “Chip and the Legacy team expertly guided us through a complex transaction dealing with two companies, complex working capital targets with the large amount of drying lumber inventory, and a host of unexpected challenges.”
Legacy Capital helps create value for owners of private companies with its depth of knowledge and technical execution expertise in mergers and acquisitions, recapitalizations and general financial advisory. Legacy Capital also provides valuation opinions and complex litigation support services.
Legacy Capital is a trade name for Legacy Capital, LLC and Legacy Capital Fund, Inc., a FINRA registered broker-dealer and SIPC member firm. www.legacycapital.com.