JJSL traces its history back 180 years and five generations and is today recognised as one of the most innovative and efficient timber producers in Europe, with seven mills across the UK.
Under the new deal, JJSL holds the majority interest of almost 60 per cent with the partnership expected to bring together a combined 320 years of family-owned sawmilling heritage to pursue growth opportunities. The remainder of shares will be retained by the Hyne Group’s existing shareholders, including the Hyne family.
Hyne Group Chief Executive Officer, Jon Kleinschmidt said there were no plans for any changes to the Hyne Timber and XLam brands.
“It is business as usual for the Hyne Group operations with no changes to the company’s team members, customers, suppliers and our ongoing commitment to supporting the communities in which we operate. This is an exciting new chapter in our 140-year journey and I look forward to working with the new board and shareholders as we focus on new growth opportunities moving forward,” Mr Kleinschmidt said.
Hyne Group Spokeswoman Katie Fowden confirmed that no jobs would be effected because the deal was about expansion and growth.
The deal follows a period of major investment in the Fraser Coast and Wide Bay regions by Hyne, including a $14.5 million expansion of the Maryborough Hyne Timber factory in October 2021 through the construction of a continuous drying kiln.
In May last year the company, in conjunction with Hutchinson Builders, was awarded the contract for the construction of the new $12.1 million fire and emergency station at Maryborough which followed the construction and opening of a new $23 million timber laminate factory in August 2020.
Fifth-generation Hyne family member James Hyne said the recent sale was another significant milestone in Hyne Timber’s 140 years of growth.
“With this exciting partnership we are bringing together two multi-generational family-owned and operated companies with a shared commitment to world-class product quality, service, safety, innovation and sustainability. The partnership will concentrate on identifying and developing growth opportunities in our region and beyond. The JJSL Chair, Tom Bruce-Jones, is also now the Chair of our Hyne Group board. We welcome his extensive experience into our industry at a global level,” Mr Hyne said.
Mr Bruce-Jones said the partnership provided a strong platform for further consolidation and growth in Australia and New Zealand.
“We choose our partners very carefully and in the Hyne Group we have found a culture of integrity and excellence that mirrors our own. In an increasingly corporate and private equity dominated industry, we believe that family culture and values not only provide differentiation but are a key competitive advantage. Together, we believe there are enormous opportunities to use our combined know-how, experience and financial strength to grow the business by delivering even better products and services,” Mr Bruce-Jones said.
In the past, JJSL has completed successful partnerships in the past, including a 25-year joint venture and ownership of Stella-Jones Inc in North America, with the partnership securing Foreign Investment Review Board approval and all other regulatory approvals.