LUMBER DEPOT LIMITED(LUMBER)- ACQUIRES STAKE IN ATLANTIC HARDWARE &PLUMBING COMPANY LIMITED

Lumber Depot Limited (LUMBER) is pleased to announce that it has acquired a 35% interest in Atlantic Hardware & Plumbing Company Limited (“Atlantic”). Atlantic is a 30 year old Jamaican company that is engaged in the wholesaling and distribution of hardware, building materials, plumbing, electrical, tools, and supplies to hardware stores, contractors, and developers across Jamaica. The business is located at 7a Ashenheim Road, Kingston 11 and is led by Managing Director, Deanall Barnes, an experienced business leader in the trading and distribution of building materials.
There will be no change to the business strategy of Atlantic, and it will continue to operate as a dedicated hardware wholesaler and distributor. The purchase price of Lumber Depot’s 35% interest in Atlantic was J$210m and this was funded with internal funds. Lumber Depot will account for the transaction with effect from its first quarter, May 1, 2024.The majority shareholder of Atlantic is Construct Group Limited, a private investment company with expertise in the
hardware business as well as general business management. Lumber Depot Limited (LUMBER) will be represented on the Board of Directors of Atlantic by its Managing Director, Major Noel Dawes along with two other directors.