DALLAS — October 15, 2009 —Thompson Mahogany Company, a fine hardwoods importer based in Philadelphia, has merged with East Teak Fine Hardwoods, Inc., an importer of First European Quality Teak and other fine hardwood products based in South Carolina and Washington state.
Thompson Mahogany Company will operate as a wholly owned subsidiary of East Teak, yet will maintain full operational autonomy from its headquarters location. The combined entities will leverage the strength of both companies to better serve customers in the residential, commercial, hospitality and marine industries.
Founded in 1843, Thompson Mahogany Company is a preeminent supplier of quality tropical hardwoods from Central America, South America and Africa. Thompson directly imports more than 25 exotic wood species of lumber, decking, and flooring, used for furniture, flooring, outdoor decks and boardwalks. The company ships into the ports of Camden, NJ and Philadelphia, supplying wholesalers, distributors and manufacturers throughout the United States and Canada. In 2001, the Philadelphia Inquirer recognized Thompson Mahogany Company as one of Philadelphia’s historical businesses.
Founded in 1972, East Teak Fine Hardwoods, Inc. is the leading importer of the highest grade teak and other fine hardwood species used as decking, flooring, siding, mouldings and custom millwork in the construction of hotels, resorts, office buildings, luxury homes and yachts. From its facilities in South Carolina and Washington, East Teak serves the architectural, up-scale residential, commercial construction, hospitality and boating industries throughout the United States and the Caribbean.
“Thompson Mahogany has an exceptional reputation in the industry and is well known for its quality products and excellent customer service. We want to continue this tradition while strengthening both companies in the market,” said Wayne Rogers, President and Chief Executive Officer of East Teak Fine Hardwoods. “Thompson Mahogany joining the East Teak family offers many benefits, including a strong customer base across North America; a complementary product line; the addition of direct suppliers in South America and Africa; and an expanded distributor network.”
Industry veteran Don Thompson, President and Chief Executive Officer of Thompson Mahogany Company, will remain as President of Thompson Mahogany. Thompson has served as President of the International Wood Products Association and is a leader in the promotion of sustainable forestry. “Joining with East Teak assures that the great legacy of Thompson Mahogany will continue,” said Thompson. “East Teak understands how we do business and the importance of the relationships we have built over the years with our customers, suppliers and distributors. I feel confident teaming with East Teak will enable Thompson Mahogany and East Teak to better serve all of our customers.”
Headquartered in Dallas, East Teak operates under the direction of Don R. Daseke, Chairman of the Board. “I am very excited to see these two highly respected industry giants come together,” stated Mr. Daseke. “Both Thompson Mahogany and East Teak have proven they know how to serve customers effectively. Their people and knowledge of fine hardwoods are the keys to great customer service. This combined company will now have one of the largest inventories of imported fine hardwoods in the United States.”
Mr. Daseke was the founder and CEO of Walden Residential Properties, Inc., a Real Estate Investment Trust listed on the New York Stock Exchange until it was sold in 2000. He is Chairman of the Board of Smokey Point Distributing, Inc.; Chairman of the Board of Liquid Motors, Inc.; a Trustee of DePauw University; the past Chairman of the Dallas Chapter of the World Presidents Organization; and the Founding Chairman of Sage Telecom, Inc. Mr. Daseke was elected to the Town of Addison (Texas) City Council in May 2009.
Financing for the transaction was provided in part by PNC Bank, N. A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC).