Honsador Lumber was sold recently for approximately $50 million to Key Principal Partners LLC, an affiliate of Key Corp., a Cleveland-based private investment firm. Honsador includes Honolulu Wood Treating, the state’s largest wood treatment company, and Ariel Truss, the state’s
Honsador Lumber was sold recently for approximately $50 million to Key Principal Partners LLC, an affiliate of Key Corp., a Cleveland-based private investment firm.
Honsador includes Honolulu Wood Treating, the state’s largest wood treatment company, and Ariel Truss, the state’s largest manufacturer of roof trusses. The companies employ 213 people at four outlets in Hawai‘i and a facility in Portland, Ore., including 27 employees here on Kaua‘i at Honsador’s facility at Nawiliwili.
“The sale is not going to affect any of the operations or employees on Kaua‘i,” said Jeff Mira, Kaua‘i branch manager.
Honsador does $150 million per year at its locations in Hilo, Kona, Maui and Kaua‘i. Its Kaua‘i operation does approximately $15 to $16 million per year, making it arguably Kaua‘i’s largest lumber and home building supply company.
Honsador competes on Kaua‘i with Aloha Lumber Company, Home Depot, Kaua‘i Lumber Inc., Pacific Source Inc., and Container Home Supply Inc.
Earlier, leaders of Honsador and Jas W. Glover Ltd. purchased the Nawiliwili Hale Kauai store and Hale Kauai’s concrete-making operations. Hale Kauai’s Kapahi store recently closed, with representatives of several nonprofit organizations invited to “shop” free for whatever was left in the Kapahi store after store owners conducted a public going-out-of-business sale that saw the aisles packed with shoppers. That leaves Hale Kauai with just its Koloa store.
Minority partners in the Honsador sale include RDV Corp., an investment company owned by billionaire and Amway Corp. founder Richard DeVos; and Hawaiian Land Development Corp., owned by developer Jeffrey Stone.
Stone is the managing partner of Princeville Associates LLC and Ko Olina Partners LLC. Stone and Princeville Associates announced in July that they intend to acquire by the end of this year the 9,000-acre Princeville Resort on Kaua‘i’s North Shore from Princeville Corp.
Key Principal has been doing business in the islands for a long time now, including at one time holding a minority interest in Signature Theatres.
The new owners plan to upgrade Honsador’s computer system and build a new truss plant. Honsador has been owned by Jim Pappas since 1984. He plans to stay on as a paid advisor.
Phil Hayworth, business editor, may be reached at 245-3681 (ext. 251) or mailto:phayworth@pulitzer.net.
