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Three Twenty-One Completes Sale of Independence Lumber Sawmills

Updated: Mar 20

Columbia, MD / Independence, VA (July 12, 2021) – Three Twenty-One Capital Partners (“3-21”) is pleased to announce the sale of two sawmills known as Independence Lumber, Inc. (“Independence Lumber” or “the Company”) to Woodgrain Millwork, LLC (“Woodgrain”).  Aurora Management Partners (“Aurora”), a turnaround and restructuring consulting firm, managed the Company’s operations in a Federal Receivership, and 3-21 acted as the exclusive investment banker for the purpose of running a process to sell the Company.  The sale was effectuated through a court-approved auction in a Federal Receivership led by 3-21.

Founded in 1981, Independence Lumber operates two sawmills in Independence, VA and Elkin, NC.  The Company produces green and kiln-dried lumber from a mix of hardwoods and pine with integrated operations including logging, log storage, and trucking. The Company’s products have traditionally been sold to domestic manufacturers and into overseas markets through brokers.

Based in Fruitland, ID, Woodgrain is one of the largest millwork operations in the world.  The family owned and operated company produces high-quality wood moldings, doors, and windows.  Woodgrain is vertically integrated with visibility into each step of its supply chain.  The acquisition of Independence Lumber will expand Woodgrain’s capacity to produce lumber for its internal mills and external customers.

Professionals from Aurora Management Partners included David Baker, Managing Partner, CTP; Laura Kendall, Senior Managing Director, CTP, CPA; Andrew Blaesing, Director, CPA, CTA; Gregory Baker, Associate Director, CTA; and Blake Tillis, Consultant, CPA.  Gary H. Leibowitz and Irving E. Walker of Cole Schotz P.C. served as lead counsel for Aurora. Professionals from Three Twenty-One Capital Partners included Ervin M. Terwilliger, Senior Managing Director; Erik Endler, Senior Managing Director, CFA; Ryan Oleski, Director – Special Situations Platform; K. Raphael Fahrwald, Vice President – Private Debt Placement; and C. Jacob Perry, Associate.


Three Twenty-One Capital Partners, headquartered in the Baltimore-Washington Metro area, with offices in Denver, CO and Los Angeles, CA, is the premier Private Investment Bank servicing the lower middle-market. Three Twenty-One Capital Partners’ team has completed engagements with over $15 billion in transaction value. Three Twenty-One Capital Partners specializes in providing Wall Street level investment banking to the underserved lower middle market, with a concentration in family and founder-led businesses.


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