Seattle—Bamboo Hardwoods, formally one operating unit of the Aboeda family of companies, announced new ownership through a buyout from its existing management and manufacturing partner. The original grouping of principals and manufacturing partner have now become full-interest owners who will be solely focused on providing innovative, best-in-class bamboo products and service to the marketplace.
As a result of the changeover, David Keegan, president, increases his ownership stake and adds chief executive officer to his title. Keegan, who brings more than 17 years in the bamboo flooring category — mostly with Bamboo Hardwoods — has spearheaded the company over the past decade, raising its profile from a local retailer of bamboo products to a nationally recognized manufacturer of bamboo flooring sold through distributors and authorized retailers nationwide.
Hugh Gallagher, currently chief financial officer, increases his ownership stake as well, expanding his role to include the title of chief operating officer. Gallagher has more than 10 years experience with Bamboo Hardwoods and was an integral member of the company’s manufacturing transition team. Additional ownership interest resides with Bamboo Hardwoods’ existing manufacturing partner group in China.
“Even though there is a change in ownership, very little will change from what our valued distributors and partners have come to expect from Bamboo Hardwoods,” Keegan explained. “The majority of changes will be on the back side of the business—mostly logistical and fulfillment aspects resulting in greater efficiencies, better terms and shorter lead times for our customers.”
Bamboo Hardwoods is renowned throughout the industry as a pioneer and well-respected innovator in bamboo flooring production since 1995. To that end, Keegan stressed the company’s existing brand identity, marketing elements/programs and proprietary manufacturing processes will remain unchanged. “While this buyout is a significant milestone for us personally, our focus on providing a high-quality brand of bamboo flooring from a trusted manufacturer that proudly stands behind their products will remain unchanged.”
News of the ownership changeover at Bamboo Hardwoods comes on the heels of the company’s recent signing of two top 20 floor covering distributors: NRF and All Tile (FCNews, June 6/13.)
For more on this story—including an in-depth interview with the new owners—look for the July 4/11 issue of Floor Covering News.