Mortensen Woodwork: Building on Their Legacy
3/19/2025 - Commercial Stories and Insights
From hotel lobbies to presidential libraries, Mortensen Woodwork creates some of the country’s finest wood interiors.
Even with the modern pressures of budgets, schedules and supply chains, Mortensen Woodwork brings an enduring legacy of craftsmanship to every project.
The company, based in Union City, GA, was founded in 1946 by Fred Mortensen Sr., who emigrated from Denmark, and brought with him old-world woodworking skills. Over the next few decades Mortensen’s company became known as a maker of high-quality furniture.
Today the company has 130 full-time employees and between $45-50 million in annual revenue.
As for the quality of their work, Mortensen is respected throughout the industry for their unique designs and beautiful finishes, and their client list reflects that. The George H.W. Bush and Bill Clinton Presidential Libraries, luxury hotel lobbies like The Four Seasons in Atlanta, corporate spaces for Coca-Cola and Lending Tree, private suites for Mercedes- Benz and M&T Bank Stadium, and many ornate churches are just a few of examples of their work.
And they’ve recently begun a $30 million project in Utah for a new Mormon Temple which will take three years to complete. “There’s a lot of complexity to it, but it’s very exciting to be chosen for it, and we always like a challenge,” said Ryan Ventura, Mortensen Woodwork’s CFO.
According to Ventura, owning every part of the process gives them distinct advantages. “The fact that we do it all in-house, we have greater efficiencies, greater control over the supply-chain process, and greater accountability as well,” he said.
Technology is a huge factor in getting the work done quickly and to exacting standards. Mortensen’s manufacturing space is filled with machinery that can handle intricate work at large volumes. “Leveraging technology is huge for us and Fred (Mortensen Jr.) is highly invested the latest technology and picking the right equipment for us,” said Ventura.
But Ventura stresses that individual craftsmanship is still part of the process. “Machines are doing the heavy lifting with the front-end work, and our craftsmen are doing the finishing touches, the things that make the work really unique.”
Even with all their success, Ventura points out that the nature of the construction industry brings many financial challenges. Upfront costs for projects are high and payroll must be met, all well before billings come in. “There’s a lot of upfront financial responsibility on our side as we’re financing millions of dollars while waiting for those accounts receivables.”
Even with the constant challenges of construction, Mortensen has remained a leader in the millwork industry. But when Ventura arrived as CFO nine months ago, it became clear that one aspect of their financial picture was not in good shape.
Even with the modern pressures of budgets, schedules and supply chains, Mortensen Woodwork brings an enduring legacy of craftsmanship to every project.
The company, based in Union City, GA, was founded in 1946 by Fred Mortensen Sr., who emigrated from Denmark, and brought with him old-world woodworking skills. Over the next few decades Mortensen’s company became known as a maker of high-quality furniture.
A New Direction
In the 1970’s the founder’s son and now current owner, Fred Mortensen Jr., saw an opportunity. He noticed that their furniture was going into interior spaces created by other woodworking companies. With their skills, Mortensen Jr. thought they could have more success by expanding to architectural woodwork. His instincts were right.Today the company has 130 full-time employees and between $45-50 million in annual revenue.
As for the quality of their work, Mortensen is respected throughout the industry for their unique designs and beautiful finishes, and their client list reflects that. The George H.W. Bush and Bill Clinton Presidential Libraries, luxury hotel lobbies like The Four Seasons in Atlanta, corporate spaces for Coca-Cola and Lending Tree, private suites for Mercedes- Benz and M&T Bank Stadium, and many ornate churches are just a few of examples of their work.
And they’ve recently begun a $30 million project in Utah for a new Mormon Temple which will take three years to complete. “There’s a lot of complexity to it, but it’s very exciting to be chosen for it, and we always like a challenge,” said Ryan Ventura, Mortensen Woodwork’s CFO.
In Control, Start to Finish
At Mortensen, every job is a complete process, from initial design to installation. The wood interiors are manufactured and finished on-site inside their 200,000 square foot facility, then placed onto trucks and shipped to the job site where they are assembled and installed.According to Ventura, owning every part of the process gives them distinct advantages. “The fact that we do it all in-house, we have greater efficiencies, greater control over the supply-chain process, and greater accountability as well,” he said.
Technology is a huge factor in getting the work done quickly and to exacting standards. Mortensen’s manufacturing space is filled with machinery that can handle intricate work at large volumes. “Leveraging technology is huge for us and Fred (Mortensen Jr.) is highly invested the latest technology and picking the right equipment for us,” said Ventura.
But Ventura stresses that individual craftsmanship is still part of the process. “Machines are doing the heavy lifting with the front-end work, and our craftsmen are doing the finishing touches, the things that make the work really unique.”
Even with all their success, Ventura points out that the nature of the construction industry brings many financial challenges. Upfront costs for projects are high and payroll must be met, all well before billings come in. “There’s a lot of upfront financial responsibility on our side as we’re financing millions of dollars while waiting for those accounts receivables.”
Even with the constant challenges of construction, Mortensen has remained a leader in the millwork industry. But when Ventura arrived as CFO nine months ago, it became clear that one aspect of their financial picture was not in good shape.
SouthState was able to get creative with us, helping us leverage our collateral base which allowed us to get a sizeable increase on our line of credit.
“There’s a Better Way Out There”
While Mortensen had a 20-year banking relationship, Ventura saw that it was deteriorating. “It became quickly apparent that everyone on the finance team, and Fred himself, was disappointed in the customer service. There had been some mergers and there just wasn’t the relationship focus there.”Along with the need for a stronger banking partner, Ventura also wanted a more intuitive cash-management platform.
After an extensive search, the team from Mortensen choose SouthState. Several key factors helped them decide. “Fred had a relationship with BJ Green (group president of the Atlanta Banking Division), and they impressed us with the things that we value such as the relationship, their technology and making it easy to do our financial operations,” said Ventura.
Even though the new partnership is still in its infancy, Ventura notes that the changes with technology are significant. “There’s a huge shift of what we’re able to do on the Treasury Management platform, compared to what we had set up with our previous bank.”
A Partnership for Growth
During initial conversations, Ventura stressed the need for SouthState to help position Mortensen for the future. In response, the SouthState team found ways to help them access more working capital.“SouthState was able to get creative with us, helping us leverage our collateral base which allowed us to get a sizeable increase on our line of credit,” said Ventura. “We’ve also set up an equipment line of credit. The structure and terms of these lines are more strategic and growth oriented for us.”
David Peterson, Relationship Manager for SouthState says that, as a client, Mortensen is “Really ideal for us.” He adds, “From the outset, they were determined to have a long-term partner that can grow with their business and is constantly communicating. As a company, they have invested in people and technology and their breadth of projects is expanding, so it’s very exciting.”
Looking Ahead, Together
With the transition finished and an initial banking plan in place, Ventura is confident that the partnership between Mortensen and SouthState will be beneficial. “I love that I’m able to contact any member of their team, whether it’s Treasury or Commercial Banking, and we get answers very quickly. Staying in constant contact is how we’re going to continue to grow together, build trust in one another and find mutual success,” he said.Looking for a stronger banking relationship? Learn more about SouthState's expertise in Commercial Banking.
