Universal Forest acquiring $5M company
Universal Forest Products is purchasing a local maker of wood panel components.
Grand Rapids-based Universal Forest Products said yesterday one of its subsidiaries, which was not disclosed, signed an agreement to buy the operating assets of Grand Rapids-based Wolverine Wood Products.
Wolverine Wood Products has “anticipated” annual sales of $5 million.
The acquisition will “expand UFPI’s capacity to produce value-added wood components for customers in the Midwest.”
Mike Petersen, owner and president of Wolverine Wood Products, will remain with the company as general manager.
“Wolverine Wood Products has grown quickly by using automation and robotics to provide its customers with the value-added services and pricing that other companies can’t provide,” said Matthew Missad, CEO, Universal Forest Products.
“We’re fortunate to have Mike Petersen and his team join the Universal family of companies. Mike has 32 years of experience in sales and automation integration, and he’s leveraged it into a successful and quickly growing business.”
Petersen said Universal Forest is a “world-class” company with “exceptional people and an excellent market reputation.”
“This will allow Wolverine to continue to expand its market presence, as well as synergize with other Universal affiliates,” Petersen said.
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.
Wolverine Wood Products
Founded in 2008 by Mike Petersen and Bernadette Petersen, Wolverine Wood Products manufactures wood panel components for furniture, store fixtures and case goods.
The company has about 16 employees.