UFPI Adds To Product Line With Acquisition
GRAND RAPIDS — Universal Forest Products has purchased assets of Maine, Wash.-based Maine Ornamental Woodworkers Inc., which manufactures, distributes and imports an array of decorative caps for use on decking and fencing posts.
The acquisition will add ornamental copper, brass and wood post caps to Universal's wood and composite decking product lines. Universal had not previously carried a line of post caps prior to the Maine Ornamental purchase, said Lynn Afendoulis, director of public affairs for Universal.
Universal declined to reveal the purchase price.
Dana Smith, Maine Ornamental's president, and Rick Preble, vice president, are owners of the 16-year-old company. When the purchase is finalized, the company will continue to operate under its current name. Smith will stay on as a consultant to Universal and Preble will take on the role of president of Maine Ornamental Woodworkers. Both will continue to work from company headquarters in Maine, Afendoulis noted.
Universal President Mike Glenn said Universal has done business with Maine Ornamental in the past and has been "impressed" with its operations and expertise.
Preble said his company has long respected Universal for its success, its business plan, its people and its operations, as well.
"We're please to become a part of the Universal family and look forward to adding to the prosperity and future of the company," he remarked.
Maine Ornamental is the largest domestic supplier of post caps and reported fiscal 2004 sales of approximately $12.4 million. The company has 40 employees across three locations. It has a manufacturing and distribution plant in Winthrop, Maine, a manufacturing facility and office in Eliot, Maine, and a sales office in Bainbridge Island, Wash.
According to Universal, all Maine Ornamental employees will retain their jobs in the acquisition.
Universal CEO William Currie said the acquisition is in line with Universal's five-year strategic growth plan and referred to Maine Ornamental as "a natural fit."
"Our acquisition strategy has been to target successful businesses that can add to our capacity or enhance our product offerings," he stated. "Maine Ornamental has a superior product line that complements universal's product offerings, and a business philosophy and work ethic that align with ours."