Silver Canyon Group, a San Diego-based private equity investment firm, has formed Fulcrum Building Group to acquire a majority interest in South Bay Lumber of Santa Rosa Beach, Florida, and Navarre Lumber of Navarre, Florida. South Bay and Navarre have been serving professional builders and remodelers in northwestern Florida for decades, and Fulcrum’s launch is the first step in creating a leading provider of building products and services and a platform for future growth.
The owners of South Bay, brothers John and Jay Pugh, and owner of Navarre, Bobby Killingsworth, are significant owners of Fulcrum, and each business will continue to operate under its current management structure and brand name.
Killingsworth has owned Navarre since 1990.
“One of my biggest concerns with any potential sale of the business was to find partners with the same goals,” he says. “Fulcrum’s long-term focus matches my desire to take care of our customers and associates in the best way possible.”
“Jay and I are very excited to see the combination of these two great companies, and we couldn’t be happier with the partnership with Silver Canyon and our great friend Bobby,” says John Pugh, South Bay’s president.
Tyndale Advisors, a wholly owned subsidiary of Orgill, has been engaged to provide management services. Craig Cowart of Tyndale Advisors will serve as CEO of Fulcrum and oversee strategy and growth.
“South Bay and Navarre both have impressive histories of success, and by partnering with Fulcrum, we can provide immediate benefits for the owners, our local teams and the customers they serve,” says Cowart.
“We have waited for the right opportunity to invest in the building and home improvement sector and look forward to working collaboratively with the Pughs and Bobby to strengthen the businesses under the new Fulcrum platform and to make selective add-on acquisitions,” says Tim Kelleher, managing partner of Silver Canyon.
Silver Canyon is a growth-focused private equity investment firm with 28 years of experience solving the challenges of growth and scale of lower- and middle-market family-owned businesses. It brings a long-term perspective and a team that partners with management teams to foster growth. The Silver Canyon team has invested over $1 billion in 50 companies.