Lone Rock Resources is investing in Abby’s Legendary Pizza to help both companies grow and continue to thrive in their hometown of Roseburg.
Although Lone Rock was founded as a timber-based company in 1950, CEO Toby Luther said it’s been investing in different businesses around the country since 2008.
“We still are a timber company,” Luther said. “We embarked on a diversification strategy in 2008 and have invested in some other things, mostly not in Oregon. This is right along those lines with a company we know and love. We are opportunistic in looking at a variety of different investments to diversify our overall holdings.”
Abby’s CFO Rich Olson said customers’ experiences won’t change in the stores, but the investment will allow the company to expand beyond the current 36 stores in Oregon and Washington and creates more opportunities for employees to be upwardly mobile within the company.
“I think it’s big,” Olson said. “It gives the Abby’s brand the opportunity to stay around for a long long time.
“It provides more opportunities for our employees. As managers get trained, they will have the chance to become general managers in the new stores.”
Olson said the company is looking at expanding into the Portland metro area more but doesn’t plan on moving out of Douglas County.
Both companies were founded and are still headquartered in Douglas County, which was considered that when the two decided to partner.
“One, it’s part of our overall diversification strategy,” Luther said. “Two, they are culturally nicely aligned with us; rural, Roseburg-based, family-owned and founded here.
“For us, it was really a nice fit. They are really community-minded, as we are.”
The transaction still has to go through legal processes to make Lone Rock an official partner, which will be finalized early next year.