Universal Forest acquires $15M packaging supplier
A subsidiary of Universal Forest Products has acquired an out-of-state packaging supplier.
Grand Rapids-based Universal Forest Products said yesterday one of its subsidiaries, which was not disclosed, acquired “substantially all” of the operating assets of Milwaukee, Wisconsin-based Pak-Rite, a packaging design and manufacturing company.
Pak-Rite had trailing 12-month sales of about $15 million through September.
Terms of the deal were not disclosed.
“Pak-Rite aligns with our strategic objective to become the industry’s foremost packaging solutions provider,” said Matt Missad, CEO, Universal Forest Products. “It has earned a reputation for extraordinary products and services, and we are excited to add them to our growing portfolio of packaging products.”
Kirk Blaha, former president of Pak-Rite, has been named general manager of operations moving forward.
He said Pak-Rite was ready for its next chapter.
“With the strength of Universal, we will be able to grow our customer base, products and design services and offer more opportunity to our people,” Blaha said. “It is a winning situation all the way around, and we look forward to being part of the growing Universal family of companies.”
Pak-Rite founder and former CEO Rick Blaha is providing consulting services through the transition period.
Universal Forest has retained the company’s nearly 60 employees, who will continue to work at the Milwaukee facility.
Founded in 1955, Universal Forest Products (Nasdaq: UFPI) is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to retail, construction and industrial markets.
Its affiliates are located throughout North America, Australia, Europe and Asia.
The company had 2017 net sales of $3.94 billion.
Founded in 1996, Pak-Rite designs and produces foam and plastic packaging components and trademarked wood crating systems for manufacturers in the medical, aerospace and automation equipment markets.