Carolina Holdings To Acquire Terry Companies

The Terry Companies, Tarzana, Ca., has signed a letter of intent to be acquired by Carolina Holdings, Raleigh, N.C., one of the largest pro dealers in the U.S. If flnalized, the deal would be effective the first working day of January.

Carolina Holdings would then have more than 150 operations in 14 states as well as a strong presence in the important Califbrnia market. No price has been revealed in the transaction.

Terry sales are estimated to be just under $300 million for 1999.

Thc planning and decision by The Terry Companies has taken place over the Iast two years and involved founder Terry Mullin and his son, the late Tom Mullin, who was president and ceo of the company until his death July 5.

They interviewed several flrms, finally choosing Carolina Holdings as it matched "our thinking, wanted to expand our business and wanted to leave our people in place," according to Terry Mullin. He noted that Terry president Lonnie Schield will continue to run the operation and will report to Raleigh. Fenton Hord is president and ceo ol' Carolina Holdings. The Teny name will be retained. "Our people will have more opportunity, it's good for the company and good for our people," Mullin said. "Their benefit package is dilferent tiom ours, but just as gocld."

Mullin called the decision to sell, "the toughest single decision I've ever had to make. I enjoy what I do, it's been fun. I'll stay around to help anyway I can."

The company began 50 years ago when Terry Mullin bought 60Vo of Tarzana Lumber Co., later acquiring the balance. The company evolved over the years to Terry Building Centers, then Terry Lumber Co. betbrc assuming its present name. The l'irm has 750 employees.

The Terry Cos. have lumber yards in Bakersfield, Burbank, Camarillo, Ventura, Hollywood, Lancaster, Los Angeles, Palmdale, Mar Vista, North Hollywood, Northridge, Santa Clarita, Simi Valley and Tarzana, Ca. Teny Sash & Door has locations in Los Angeles, Tarzana and Ventura. Terry Roof Truss Co. is in Bakersfield and Lancaster. Associated companies include Precision Mill, Inland Timber Co. and Robards Commercial Door.

"According to a recent survey, the timber industry falls below the nuclear energy industry when it comes to public acceptance."

- Rick Fletcher director Sustainable Forestry PartnershiP

PWLA's Annual Ho-Ho-Ho

Former Vietnam P.O.W. Captain Gerald Coffbe will be the featured speaker at the Portland Wholesale Lumber Association's annual Christmas and awards banquet.

The event will be held Dec. l0 at the Jantzen Beach Doubletree Hotel. Pre-registration is required.

For further information, contacl Sandy Maxwell: (503) 443-3096.