Ushers in 40th Anniversary with Record Sales & Profitability and a $25M Equity Infusion
FORT WORTH, Texas – Conner Industries, Inc., a leading lumber processor and national integrated packaging business solutions provider for the industrial sector, is preparing to celebrate the 40th anniversary of its founding in November 2021. While 40 years of successful operation is an achievement, the anniversary also celebrates several financial and industry-related milestones, realized in both the Industrial Lumber and Integrated Packaging Divisions of the company this year.
Conner continues to show substantial and accelerating growth in both divisions. During the company’s Fiscal Year, which ended on September 30, 2021, Conner reported record sales and the highest EBITDA since 2007.
Conner also announced that it reached an agreement with its noteholders and has completed the conversion of $25 million of convertible debt into equity during the September quarter. This equity infusion will fuel Conner’s next stage of strategic growth and allow the company to continue making strategic investments in its plants, equipment, and technology, as well as pursuing additional strategic acquisitions.
“Thanks to careful management and the efforts of the entire Conner Team, we finished the year with a solid performance during some very difficult times in the global economy,” says David Dixon, CEO of Conner Industries. “Despite lumber market volatility, a pandemic, and uncertain market conditions over the past year, we’ve built a solid pipeline for both continuous organic growth as well as strategic acquisitions. The future looks very bright for Conner.”
On September 1, 2021, Conner named Nick Roppolo as Executive Vice President of Sales, in addition to his continuing as the General Manager of the Company’s Integrated Packaging division. “After 40 years in the industry, we recognize how important it is that Conner continues to grow and nurture both its Industrial Lumber Division and Integrated Packaging Division,” said Mr. Roppolo. “Conner’s roots are in industrial lumber, and it will continue to be a huge part of our business moving forward, but we are also ready and well-positioned for growth in the integrated packaging market.”
To underscore that point, Conner announced that it has recently signed a substantial, multi-year agreement with an industrial account that will increase sales of the Integrated Packaging Division by more than 30% in the next 5 years. With this latest integrated packaging agreement, Conner is projecting its combined unit volume growth for FY 2022 at 12-15% above 2021 levels.
As expected, this is music to investors’ ears. Walter Barandiaran, Chairman of Conner Industries, and Co-Founder & Managing Partner of The Argentum Group, has been a steadfast supporter of Conner for over 25 years. Conner also welcomes Bluff Point Associates as its most recent additional financial backer and supporter. As it celebrates its 40th anniversary, Conner is poised for significant growth and looking forward to new opportunities.
About Conner Industries, Inc.: Conner Industries, Inc. is a leading provider of industrial lumber and packaging solutions in the United States. They specialize in supplying cut lumber (softwoods, hardwoods, and panel products) needed for pallets and transportation packaging, fully assembled custom pallets, crates, and integrated packaging solutions, as well as a wide variety of services tailored to customer needs. With educated and knowledgeable salespeople, subject matter experts, an experienced design team, and packaging engineers on staff, Conner serves customers nationwide from 14 plant locations in Texas, Oklahoma, Kansas, Nebraska, Tennessee, Virginia, South Carolina, Georgia, Alabama, and Florida. Headquartered in Fort Worth, TX, Conner offers industrial wood and packaging solutions you can count on. Learn more at www.ConnerIndustries.com.