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Charlesbank Acquires Majority Ownership of Cedar Creek Lumber
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Boston, Massachusetts, USA, 20 May 2010 -- (Marketwire) -  Cedar Creek and private equity firm Charlesbank Capital Partners today announce a recapitalization whereby Charlesbank will acquire majority ownership of Cedar Creek.

Cedar Creek, with headquarters in Tulsa, Oklahoma, is the largest cedar distributor in the United States. The business was the long-time target of Charlesbank, which had been planning a platform acquisition in the wholesale building materials distribution industry for more than a year. This new partnership brings together one of the biggest and best-performing companies in the wholesale building materials distribution industry with the strategic expertise and capital resources of Charlesbank. The transaction, which is structured as an asset purchase, will provide the Cedar Creek business with capital to grow and expand within the wholesale building materials distribution segment beyond its current trade areas.

Charlesbank's investment in the Cedar Creek business was the culmination of a focused effort to identify, research and partner with a strong platform business in the wholesale building materials distribution industry. Cedar Creek was advised by Bruce Jones of ClearRidge Capital.

About Cedar Creek

Cedar Creek is a leading wholesale building materials distribution company with headquarters in Tulsa and Oklahoma City. Beginning as one yard in Tulsa in 1977, the company has since expanded its operations to eight distribution facilities and today provides services to more than 13 states across the Midwest and Southeast. It is the country's premier cedar distributor and one of the largest lumber and manufactured wood distributors in the United States. Visit www.cedarcreek.com for more information.

About Charlesbank Capital Partners

Based in Boston, Massachusetts, and New York, New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than USD 2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing USD 50 million to USD 150 million per transaction in companies with enterprise values of USD 100 million to USD 750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit www.charlesbank.com for more information.

About ClearRidge Capital

ClearRidge Capital maximizes enterprise value as a business, financial, and strategic advisor. Led by Bruce Jones and Matthew Bristow, ClearRidge's team have completed merger and acquisition transactions, provided restructuring advice, and secured new and replacement capital for midsized companies across the United States and Canada. ClearRidge is Oklahoma's leading provider of mergers and acquisitions and corporate finance services to middle-market U.S. companies. Visit www.clearridgecapital.com for more information.



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