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September 28, 2021

Johnstone Supply

Johnstone Supply's members approved a conversion agreement with Redwood Capital Investments that will provide the capital for Johnstone to convert its business structure from an Oregon cooperative into a Delaware limited liability company operating under the name Johnstone Supply LLC. Johnstone Supply will continue to operate as a wholesale distributor based in Portland, providing products and services to the former members of the Johnstone Cooperative. The 90-plus individual Johnstone business owners are expected to execute exclusive territory distribution agreements with Johnstone Supply, and will remain significant equity holders in the new entity. The conversion agreement is subject to regulatory approval and the deal is expected to close later this year. Wells Fargo Securities served as financial advisor to Johnstone, with K&L Gates as the legal advisor. Kirkland & Ellis was the legal counsel to Redwood. Johnstone Supply Cooperative is a North American HVACR brand with over $3 billion in annual sales generated by over 450 independently owned stores across the U.S. and Canada.




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