Johnstone Supply Approves Definitive Conversion Agreement with Redwood Capital Investments
Retrieved on:
Friday, September 24, 2021
Supply Chain Management, Retail, Commercial Building & Real Estate, Construction & Property, HVACR, LLP, Operation Homefront, Johnstone, MD, National Association of Women Business Owners, Board, LLC, Investment, American, Industry, Bank, Supply Chain Management, Retail, Commercial Building & Real Estate, Construction & Property, Johnstone Supply, Redwood Capital Investments, JOHNSTONE SUPPLY, REDWOOD CAPITAL INVESTMENTS
Johnstone Supply, Inc. announced today that its members have approved a definitive conversion agreement with Redwood Capital Investments, LLC that will provide the capital required for Johnstone to convert its business structure from an Oregon Cooperative into a Delaware limited liability company operating under the name Johnstone Supply, LLC.
Key Points:
- Johnstone Supply, Inc. announced today that its members have approved a definitive conversion agreement with Redwood Capital Investments, LLC that will provide the capital required for Johnstone to convert its business structure from an Oregon Cooperative into a Delaware limited liability company operating under the name Johnstone Supply, LLC.
- Pursuant to the terms of the agreement, Johnstone Supply LLC will continue to operate as a wholesale distributor based in Portland, exclusively providing products and services to the former members of the Johnstone Cooperative.
- The 90+ individual Johnstone Business Owners are expected to execute exclusive territory distribution agreements with Johnstone Supply, LLC and will remain significant equity holders in the new entity.
- We are very excited to welcome Redwood into the Johnstone family, commented Johnstone Chairman of the Board Jeffrey Sheehan.