Market Overview

Homewood Holdings Acquires Seattle's Largest Siding Contractor, Eagle Creek Siding, and Related Manufacturer, Mud Bay Manufacturing

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The acquisition represents Homewood's fourth investment and advances
Homewood's commitment to provide exceptional value and service to
Pacific Northwest homebuilders, contractors and DIY customers.

Homewood Holdings LLC ("Homewood"), a portfolio company of the
investment firm, Building Industry Partners LLC ("BIP"), has acquired
the assets of Eagle Creek Siding, L.L.C. ("Eagle Creek Siding") and Mud
Bay Manufacturing, LLC ("Mud Bay", collectively "the Company") from
their longtime owners, Jon Hunter and Scott Kramer.

Founded in 1999 and based in Olympia, WA, Eagle Creek Siding is the
leading installer of exterior siding in the greater Seattle market,
serving local and regional builders of both single-family and
multi-family residential projects. Mud Bay is a manufacturer of wood
building products, siding accessories, architectural and structural
supports, and exterior details for contractors and homebuilders.
Combined, the Company employs over 30 people, and through its
longstanding, proprietary network of installation subcontractors, brings
a total effective labor force of over 150 installers to market for
builders in the Pacific Northwest.

Eagle Creek Siding has been a longtime customer and strategic partner of
Homewood-owned Evergreen Lumber, the Port Orchard-based distributor of
lumber, millwork, siding and other building materials. Together, Eagle
Creek and Evergreen have served the turnkey siding and window
installation and building materials needs of many of greater Seattle's
leading national and regional homebuilders for nearly 20 years.

Eagle Creek Siding joins the Homewood Holdings family of businesses, as
its second investment in Washington state and fourth investment overall.
Homewood Holdings acquired Evergreen Lumber in January 2017 as its first
expansion into the Seattle market. Together, Eagle Creek Siding and
Evergreen Lumber will be able to drive operating efficiencies, and in
turn better value and service, for Pacific Northwest homebuilders. Eagle
Creek Siding's network of installation subcontractor relationships
represents a critical service offering for homebuilders in a market that
continues to suffer from tight labor supply.

Homewood Holdings was formed in April 2016 by BIP and building industry
veteran, Jim Stockman, to build a best-in-class, regional pro dealer
organization in the West. Homewood Building Supply was the inaugural
investment in March 2016. The addition of Eagle Creek Siding and Mud Bay
creates a pro dealer distribution and installation platform with six
locations in California and Washington, more than 225 total employees,
and over $100 million in combined sales.

The transaction addressed succession-planning needs of Eagle Creek
Siding's owners, Jon Hunter and Scott Kramer, following their long and
successful careers in the building industry spanning 40+ years. Ron
McFarland, who has decades of experience in siding installation
management, will continue to lead Eagle Creek Siding as General Manager,
along with Jeff Fleury, Operations Manager, Natalie Byrne, Accounting
Manager, Rocky Tennison, Estimating Manager, and Travis Houston,
Production Team Manager.

Zach Coopersmith, Managing Partner of BIP, said, "We are thrilled to
welcome Eagle Creek into the Homewood family of companies. The addition
of Eagle Creek will help us better serve customers in the Washington
market, and fits Homewood's acquisition strategy of investing in strong
businesses in growing markets, in partnership with proven operators."

Jim Stockman, Homewood Holdings CEO, commented, "Homewood Holdings is
delighted to partner with Eagle Creek and Mud Bay's Management team. We
are committed to supporting operational best practices to continue to
build an industry-leading building products supply and installation
company."

Jon Hunter, former owner, commented, "This transition represents an
exciting milestone for Eagle Creek. In partnership with Homewood
Holdings, we believe Eagle Creek and Mud Bay can accelerate growth while
continuing to provide industry-leading siding installation and building
products manufacturing services and will continue to be a great place
for its employees to work, with strong career advancement opportunities."

Scott Blackburn, Homewood Holdings Washington Market President,
commented, "We are really excited to add Eagle Creek and its
industry-leading siding installation capabilities to our portfolio of
businesses. The acquisition brings together the Pacific Northwest's
best-in-class siding and building materials supplier, Evergreen Lumber,
and market-leading siding installer, Eagle Creek Siding. I'm excited to
get to work with Ron and the rest of the team to realize the
opportunities we envision for Eagle Creek and Evergreen."

Homewood Holdings is actively seeking to partner with, and/or acquire,
independent pro dealer, component manufacturer and service provider
organizations throughout the Western portion of the United States.

Background of Building Industry Partners

Building Industry Partners ("BIP") is the leading growth equity
investment firm focused on the U.S. middle-market building products
industry. Founded in 2008, BIP has offices in New York, Boston, and
Dallas and is managed by Matt Ogden, Zach Coopersmith, and John Hughes.
BIP invests its principals' own capital, as well as that of a small
number of like-minded family office and individual limited partners,
including a number of accomplished active and retired building industry
executives. BIP maintains a large proprietary network of building
products industry operators, thought leaders and service providers that
support its industry-focused proprietary opportunity sourcing, due
diligence, portfolio company management and value creation efforts.

BIP invests via an "Operator First" model, serving as an equity capital
partner to support proven building products industry leaders in building
niche-leading businesses. To this end, BIP provides equity capital to:
(1) owner-operators of niche-focused building products manufacturers,
distributors and specialty service companies seeking capital for growth,
liquidity and/or partial ownership transition and (2) proven building
industry operators and entrepreneurs seeking to build a business within
their niche of expertise, primarily via acquisition of a platform
company and execution of organic and/or "buy & build" growth strategies.
The Firm focuses primarily on majority or minority ownership investments
involving platform companies with $20 to $250 million in revenues
as well as smaller companies with unique growth opportunities or as part
of larger "buy & build" acquisition strategies.

BIP principals have co-founded and/or served as the equity capital
sponsor for a number of the building products industry's leading
middle-market companies and operators, including:

  • U.S. LBM Holdings, now the 3rd largest pro dealer
    organization in the U.S., in partnership with L.T. Gibson, BlackEagle
    Partners and team
  • Kodiak Building Partners, in partnership with Paul Hylbert,
    Steve Swinney and team
  • Rugby Architectural Building Products, in partnership with
    David Hughes, Drew Dickinson and team
  • United Cabinet Holdings, in partnership with Butch Reimer and
    team
  • Building Industry Advisors, in partnership with Michael Collins
    and Walt Kurek
  • Homewood Holdings, in partnership with Jim Stockman, Scott
    Blackburn, Keith Elledge and team
  • U.S. Fence Solutions Company, in partnership with Andrew Reed,
    Steve Stanley, Jeff Cook, Jim Bockelmann and team

BIP continues to seek opportunities to sponsor the building products
industry's greatest operating talents in realizing their entrepreneurial
visions.

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