Lafferty Lumber Under New Ownership, Poised for Growth
LEMOYNE, PA – Lafferty Lumber, a hardwood wholesale distributor, has been acquired by TCTR Holdings in 2023. TCTR is a private entity focused on acquiring and operating businesses within the lumber and building materials industry. Summit Advisory was the exclusive representative for Lafferty Lumber.
Established just outside of the Capital, in Harrisburg, Pennsylvania, Lafferty has been a key distributor of high-quality hardwood lumber, catering primarily to the Mid-Atlantic area for over a century. The company provides brokerage lumber services in full and partial truckloads and has distinguished itself by offering value-added services such as molding, cutting, and surfacing to meet the needs of discerning customers, and cabinet and furniture makers alike.
Despite enduring significant challenges over the past six years, including a devastating fire that ravaged the facility, and the unprecedented impact of the COVID-19 pandemic, the steadfast commitment of the previous owners, Jason McMurray and Chuck Felak, ensured the continuation of business operations. Through resilience and dedication, they navigated these obstacles, standing committed to their long-term customers.
The recent change in ownership marks a pivotal moment for Lafferty Lumber. Jason McMurray, a longstanding member of Lafferty’s sales, purchasing, and production management team, will act as a consultant to the business, ensuring a seamless transition and preserving the company’s values and ethos. His business partner Chuck Felak, who had been actively managing Lafferty Lumber, will also act as a consultant to the business, further cementing the company’s knowledge base and experience.
Notably, Summit Advisory served as the exclusive representative for the sellers, Jason and Chuck, on a previous occasion, when they initially acquired Lafferty Lumber eleven years ago.
Upon deciding it was time for a transition, the two turned to Summit for a second time, acknowledging the pivotal role the Summit team had played during their initial buying process and trusting that they would leverage that same expertise for a seamless sales experience. “I reached a point where it was time for me to move on. And so, my business partner and I contacted Summit Advisory again because we had a good experience with them the first time from the purchasing side and now, we were interested in working with them to complete this stock sale of the business. It has been a very rewarding and encouraging experience.” – Chuck Felak, previous co-owner of Lafferty Lumber.
The acquiring owner, a local entrepreneur, with an international partnership in Portugal, is eager to build upon the foundation laid by the former owners to positively grow Lafferty.
Summit Advisory played a crucial role in both aligning the diverse goals of the sellers and by finding solutions that catered to their desires for the future.
“Although the buyer faced challenges securing financing to replace the existing debt, the collaboration between Summit Advisory, the buyer, the seller’s council, and the CPA made it possible to overcome that obstacle and ultimately led to the successful transition of the business to the new owner. All of which was done within our typical nine-month buyer identification to closing period.” – Ronald Myer, President of Summit Advisory.
With the transaction now complete, Lafferty Lumber stands poised to embrace the future, retaining all its employees, and committed to the same principles of quality, service, & excellence that have defined its success for over 100 years.
Summit Advisory is a Lower Middle Market Investment Bank based in Pennsylvania. Summit advises businesses through growth challenges and guides those looking to buy or sell.