Universal Forest acquiring $21M company
Universal Forest Products is set to acquire a distributor with about $21 million in annual net sales.
Grand Rapids-based Universal Forest Products said today that one of its subsidiaries “has an agreement to purchase” Nampa, Idaho-based Idaho Western, a distributor of products for building materials retailers and the manufactured housing and recreational vehicle industries.
The purchase of the outstanding shares of Idaho Western’s stock, totaling $11.5 million, is expected to close on July 1.
Founded in 1978, Idaho Western supplies customers in the Northwest with products ranging from lumber and plywood to siding and doors.
Universal Forest’s Caldwell, Idaho operation, which supplies lumber products to the manufactured housing and recreational vehicle industries, will be consolidated into Idaho Western.
Universal Forest Products CEO Matthew Missad said the acquisition will bolster the company’s “foothold” in the manufactured housing and retail industries by expanding the company’s product offering and geographic reach.
“They’re a great addition and will be an excellent complement to our offerings, capabilities and culture,” Missad said.
Richard Chaffin, president of Idaho Western, said becoming part of Universal Forest “signals an exciting new chapter for our company.”
Universal Forest Products is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to the retail, construction and industrial markets.
Its affiliates are located throughout North America.