Durrant Pate/Contributor

Building and construction supplier Lumber Depot has acquired a 35 per cent interest in Atlantic Hardware & Plumbing Company Limited.

Lumber Deposit has advised that the purchase price of its minority stake Atlantic is J$210 million, which the firm is funding internally. 

Lumber Depot will account for the transaction with effect from its first quarter ended May 1.

Atlantic’s majority shareholder will remain Construct Group Limited, a private investment company with expertise in the hardware business as well as general business management.

Lumber Depot will be represented on the board of directors of Atlantic by its managing director Major Noel Dawes along with two other directors.

There will be no change to the business strategy of Atlantic and it will continue to operate as a dedicated hardware wholesaler and distributor. 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 in St Andrew and is led by managing director Deanall Barnes, an experienced business leader in the trading and distribution of building materials.