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Universal Forest acquiring $303M consumer environments company
Universal Forest Products is buying an out-of-state maker of consumer environments with about $303 million in annual sales.
Grand Rapids-based Universal Forest Products said today that it has signed a definitive agreement to purchase idX Corporation, which is based in Earth City, Missouri, just outside of St. Louis.
IdX Corp. serves the retail, financial, hospitality, restaurant and point-of-purchase markets.
Universal Forest will acquire all outstanding shares of stock of the holding company idX Holdings.
The transaction is expected to close by the end of the third quarter.
“IdX’s growth strategies, including their focus on international business and on new end markets, align with our growth objectives,” said Matthew Missad, CEO, Universal Forest Products.
Missad said the acquisition will allow Universal Forest to supply some of idX’s operations with products it makes, grow adjacent business and capabilities and serve new customers and markets.
Terrence Schultz, idX president, said Universal Forest provides the capital strength idX needs to continue to grow its portfolio of products and services.
IdX Corp. creates and installs “highly customized merchandising solutions for some of the world’s most renowned brands,” Missad said.
Missad said idX has been successfully growing its business by “continually adding new markets, products and services” and by expanding its international footprint.
IdX's specializes in several forms of manufacturing: wood, metal, glass, acrylic, vacuum forming, injection molding, laminate, veneer and material integration.
The company has a network of more than 20 manufacturing, program management and sales facilities across North America, Europe and Asia.
The merchandise solutions industry is a $6-billion industry, according to Universal Forest.