Universal Forest acquires pallet maker
A local holding company in the wood industry has acquired an out-of-state maker of pallets and crates.
An undisclosed affiliate company of Grand Rapids-based Universal Forest Products acquired Hartford, Wisconsin-based Pallet USA, according to Universal Forest today.
Terms of the deal were not disclosed.
The acquisition expands Universal’s industrial product capacity and services in the Midwest.
“The acquisition allows us to grow our presence in the Milwaukee area and will help us serve manufacturers that have a larger regional, national or international presence,” said Matthew Missad, CEO, Universal Forest Products.
Pallet USA also operates a pallet reclamation business that could be scaled to Universal’s other facilities, Missad said.
Bruce Church, president and CEO of Pallet USA, will remain with the operation as general manager of operations through 2019, then transition into a consulting role to assist with new sales efforts to national customers.
“As a UFP company, we see great opportunities for serving both Pallet USA customers and existing Universal customers,” Church said.
“We will be able to enhance our presence in the market, while adding more product and service offerings. Universal’s size will also allow us to provide our employees with greater career opportunities. This is a great time in the history of our company.”
Universal Forest Products
Founded in 1955, Universal Forest Products (Nasdaq: UFPI), soon to be known as UFP Industries, 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.
It has affiliates throughout North America, Europe, Asia and Australia.
The company had 2018 net sales of $4.49 billion.
Founded in 2011, Pallet USA operates one facility that manufactures sustainably sourced pallets and crates.
The company also distributes industrial lumber and sheet stock and provides various services: heat treating; pallet removal and recycling; custom product design; delivery; and managed inventory programs.