BlackEagle Partners, a New York-based investment company, acquired Lyman Lumber as well as all of its assets including a five-building portfolio in Minnesota and Wisconsin for $23.75 million through an auction sale in which it out-bid the seller's intended buyer, SP Asset Management. Lyman had filed for bankruptcy after being in business for 114 years and BlackEagle saw the opportunity and felt they could raise the capital necessary to grow Lyman’s business successfully.