r.k. Miles acquiring Morrisville Lumber, growing
Company president Joe Miles said the addition will better position r.k. Miles, now in its third generation of family ownership, to serve customers and grow its business in central and northern Vermont.
The business expanded to Williamstown, Mass., in 2005 and to Hatfield, Mass. in 2008.
The transaction is expected to be completed in early to mid October, Miles said. He expects that most of Morrisville Lumber's 15 employees will be brought on board, joining his company's 190 full-time employees.
"These opportunities don't come along very often," Miles said of the acquisition. "The lumber and building materials business is an interesting and somewhat unique industry.
Our best chances for expansion are through the acquisition of existing businesses versus what are referred to as 'green fields.'"
Miles said Morrisville Lumber is similar to r.k. Miles in that it's a family business with a long history —71 years, in fact.
"They're a very old line lumber and materials supplier," Joe Miles said. "They have good locations and some things we can build on. We have a good customer base in Stowe already so it will provide great location for us to service those customers."
As r.k. Miles' Middlebury store has added customers along the Route 100 corridor, delivering to those customers has become a challenge — one that sends the company's larger trucks north to Interstate 89, then up and down Route 100. Adding the Morrisville and Stowe locations will make those deliveries shorter and less expensive, Miles said.
"With our growing customer base in the area, it just made sense for us," Miles said.
"We think the best fit for a supplier in our market is r.k. Miles," Mark Loati, the second-generation owner and president of Morrisville Lumber, said in a news release announcing the move. "We are looking forward to working with [Joe Miles] and his crew through a successful transition."
Reach Journal editor Greg Sukiennik at 802-490-6000.
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