After enjoying the same ownership for more than 50 years, Leonard Buildings and Truck Accessories has been sold.
The company headquartered in the Holly Springs community of Surry County has been acquired by Copeley Capital, a Charlotte-based entity, and a small group of senior managers at Leonard.
That move was announced publicly on Wednesday, but personnel here were notified about it last week, according to Human Resources Director Bob Schoon.
Schoon said Wednesday that the company’s local workforce of 150 employees will remain intact with the sale.
Leonard Buildings and Truck Accessories, which in addition to its local manufacturing operation has 56 retail locations in five states, employs 400 people altogether.
As described by Schoon, the transaction resulted from longtime owners Tyson and Sandra Leonard deciding to divest themselves of the company in order to enjoy retirement time.
“Mr. and Mrs. Leonard have built and grown this business over the past 50-plus years,” says a statement issued by the company which refers to its founding in 1963.
“Our company would not be what it is today without the vision of Tyson Leonard — we are grateful for that,” the announcement continues. “However they (the Leonards) are at a point in their lives where they need to re-direct their attention.”
Local growth eyed
The sale had been in the works for “quite a while,” Schoon said, involving a long search to find the right ownership partner.
He said the future of the company is bright, based on the nature of Copeley Capital.
“They invest in thriving and growing businesses to accelerate their continued growth,” Schoon said.
Officials are hopeful this will mean increased job opportunities for the company’s Holly Springs segment.
“Copeley will make our continued success their top priority and will support our existing management team in operating and growing our business,” the statement from the company says.
“The partnership with Copeley ensures that we’ll have the resources necessary to continue to invest in new products and expansion opportunities,” it adds.
“In order to grow through the years, we have always been open to change to meet the needs of our customers and the markets we do business in — this philosophy will help us explore new ideas and further grow the business in both our existing and new markets with our new partners.”
The longtime local Leonard Aluminum Utility Buildings operation manufactures storage sheds, utility buildings and utility trailers and includes an accessories warehouse.
“We’re still going to be a part of the Mount Airy community,” Schoon assured in reference to the sale. “The same management team will be here.”
The local operation is expected to “stay the same as it was for Mr. and Mrs. Leonard,” the human resources manager said of the change in ownership.
“It’s an exciting thing for us.”
“We look forward to a strong future and working together with our partner and new owner to make Leonard successful for the next 50 years,” the statement from the company says.
That optimism was echoed by John G. Scott, an operating partner with Copeley Capital.
“Copeley is extremely excited to be involved with Leonard,” Scott said in a statement.
“We invest in companies that have built successful business models, with top-notch employees, and that have promising futures,” Scott added.
“Leonard certainly meets all of these characteristics and we look forward to being actively involved in the company’s future growth.”
Tom Joyce may be reached at 336-415-4693 or on Twitter @Me_Reporter.