Star Equity Holdings, Inc. acquired TimberTech Limited for $23 million
May 19, 2024
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Star Equity Holdings, Inc. (NasdaqGM:STRR) acquired TimberTech Limited for $23 million on May 20, 2024. As a part of consideration, $23 million includes: $16 million in upfront cash; $4 million in deferred cash; and a $3 million, 2-year earn-out payable 50% in cash and 50% in shares of STRRP preferred stock. Star issued a total of 90,000 RSUs from its 2022 Inducement Stock Incentive Plan to three Timber Tech employees at the closing of the acquisition. As a part of acquisition, Tom Niska and Dale Schiferl, will stay with the business in their current roles.Timber Tech had revenue of $18.8 million1 and Adjusted EBITDA of $5.5 million. Star Equity Holdings, Inc. closed a $7 million term loan with Bridgewater Bank to partially finance the acquisition. The Peakstone Group acted as a financial advisor to Timber Technologies.
Star Equity Holdings, Inc. (NasdaqGM:STRR) completed the acquisition of TimberTech Limited $23 million on May 20, 2024.
Star Equity Holdings, Inc. is a diversified holding company. The Company operates through two divisions: Building Solutions and Investments. The Building Solutions division operates in three businesses: modular building manufacturing; structural wall panel and wood foundation manufacturing, including building supply distribution operations; and glue-laminated timber (glulam) column, beam, and truss manufacturing. The modular building manufacturing business services the northeast United States and is operated by KBS Builders, Inc. (KBS) in Maine. The structural wall panel and wood foundation manufacturing business is operated by EdgeBuilder, Inc., and the retail building supplies are sold through Glenbrook Building Supply, Inc. (Glenbrook). The Companyâs Investments division manages and finances the Companyâs real estate assets as well as its investment positions in private and public companies. Its Investments division also holds and manages two manufacturing facilities in Maine.
STAR EQUITY HOLDINGS, INC. 
