New York, NY—Investment firm New America Energy Corp. (OTC PINK:NECA) acquired Third Bench Holdings, owners of Davis Kitchens in Tucson, AZ; OGB Architectural Millwork in Albuquerque, NM; and Sher-Wood in Las Cruces, NM.
“This is an incredible day for all New America shareholders,” says Jeff Canouse, CEO of New America Energy Corp. “We have the pleasure of acquiring such a successful company with an incredible track record. I look forward to seeing their acquisition strategy unfold and build greater value going forward.”
Third Bench Holdings‘ three subsidiary companies—OGB Millwork, Sher-Wood, and Davis Kitchens—operate as architectural millwork manufacturers and dealers in the cabinetry, kitchen and bath areas, offering residential cabinets, countertops and commercial millwork in the Western U.S. from California to Texas. Third Bench also provides installation services as a part of its vertical offering. Third Bench employs over 140 people and had revenue in excess of $18.8 million in 2020, with a run rate of over $24 million for 2021. The projections were provided by management and do not include the additional acquisitions that are currently under review.
“We are excited about taking this next step of becoming a public company,” says David Fair, CEO of Third Bench Holdings. “Third Bench is well-positioned to take advantage of the growth in commercial millwork and the historical demand for cabinets and countertops in the residential sector. We look forward to tapping into the public markets to fuel our expansion and long-term strategy.”