BUCKFIELD — The new owners of Wells Wood Turning and Finishing Inc. said all existing employees will remain working at the Buckfield facility and they’re excited about the potential growth for the business.
On Nov. 28, Turning Acquisitions LLC of Portland and its principals Simon Varney and Christian Chandler acquired Wells Wood Turning from previous owners Tom Wallace and Alan Chesney. The company’s 30 employees will remain, and Wallace and Chesney agreed to stay on for a few weeks to help with the transition, Varney wrote in an email.
Specific terms of the sale will not be disclosed, according to a press release.
The Portland pair have searched for a business opportunity for a while and researched several different types of businesses. Varney said they formed the legal entity Turning Acquisitions to buy the Buckfield business and explained why they went for Wells.
“We were both eager to break out and start a new entrepreneurial chapter in our careers,” Varney said. “When we were first introduced to Wells, we were impressed almost immediately.”
The more Varney and Chandler looked into Wells, the more they liked the company.
“The fact of the matter is that Alan and Tom have done a great job building the business,” Varney said. “The employees are committed and skilled and, together, they have achieved a strong reputation for quality products and on-time delivery.
“Only this morning, I talked to a customer who described Alan and Tom as ‘two of the good guys.’’ he said. “These characteristics speak volumes about the potential in the business, and make for a good foundation for growth.”
Wallace had positive things to say about the sale and the new owners.
“The purchase is a win-win situation,” Wallace said in a press release. “Turning Acquisitions is buying a company with a solid reputation, great products, a dedicated workforce and wonderful growth potential. At the same time, we have found acquirers dedicated to quality customer service, new business development and extending the reach of our products. We are delighted to be handing over the reins.”
Wells Turning Wood and Finishing opened its doors in 1985. The company manufactures rolling pins, tool handles, knobs, miniature baseball bats, wooden table legs, custom turnings and even multi-colored Easter eggs used in the annual White House Easter Egg Roll, according to the press release.
Varney said that with the short time he’s been with the company, he’s learned the wood products business is robust and boasts “an impressive variety of items being made and marketed.”
“The U.S. market for household items made of wood is valued at about $1 billion overall,” he added. “It is certainly a mature industry, and wood-turned products are a small portion of the overall market.”
With that in mind, Varney and Chandler want to grow the business. And as they do so, they would love to add more employees, according to Varney.
“There is a real opportunity to work with existing customers to design and develop new products,” Varney said. “There is also real opportunity for us to increase our market visibility, add manufacturing capabilities and find new applications for consumer products made of wood. I can’t get too specific on that topic, but stay tuned.”
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