April 1, 2021
Bowling Green, KY: Houchens Industries, Inc. is pleased to announce the acquisition of Lee Masonry Products, Inc., and subsequent merger of the existing Lee Masonry ESOP into the Houchens ESOP.
Lee Masonry Products, Inc. was established by Ray Lee in Frankfort, Kentucky in 1963 and became a 100% employee-owned company in 2006. Lee Masonry is a manufacturer of concrete block and specialty concrete products and a distributor of clay masonry products for commercial and residential use. Through both acquisition and the addition of new production facilities, Lee Masonry has grown to operate 19 facilities in two states with over 400 employees.
“Lee Masonry Products will be a wonderful addition to the Houchens portfolio of companies, “said Houchens Chairman and CEO, Dion Houchins. “They are an extremely well run and profitable company with tremendous growth opportunities. They are also a great fit from a culture standpoint with them having similar values to those of Houchens. We are proud to welcome Lee Masonry to the Houchens family of companies. “
“We are proud to join and be an immediate contributor to the largest and most diversified wholly owned S Corp ESOP in the world,” said Carol Lee. “This transaction allows Lee Masonry to maintain its company legacy and instantly diversifies the retirement accounts of the participants in the ESOP.”
Houchens Industries is a 104-year-old company that has grown to be one of the nation’s largest 100% employee-owned companies in the United States with over 19,000 ESOP participants. In addition, Houchens is an extremely diversified company with businesses in more than eleven industries.
To learn more about Lee Masonry Products, visit https://leebp.com