Astara Capital Partners, LLC Acquires Majority Stake in Cross City Lumber

Astara Capital Partners, LLC (“Astara”) announced on Thursday (4-15-21), that it has acquired a majority stake in Cross City Lumber (“CCL”). Based in Cross City, Florida, CCL is a Southern Pine sawmill that produces specialty and dimensional grades of lumber. Astara leveraged its network of sawmill executives to source the opportunity and to underwrite a series of capital projects that will substantially increase the capacity of CCL and significantly reduce its breakeven point. Astara has said that the company’s current senior management team, which includes Daniel Dickert, Mike Tate, and Wes Grant — all of whom worked together at Suwanee Lumber Company — will continue to lead the company going forward. In addition, Bob McKagen of Astara has joined the company as its CEO. Mr. McKagen has decades of experience as a senior executive in both the manufacturing and distribution of wood-based building products.