UFP Industries Declared Acquisition of Florida-based PalletOne

SEATTLE (Scrap Monster): Grand Rapids, Michigan- based UFP Industries announced that its board of directors have given approval to an agreement to purchase the equity of Bartow, Florida-based PalletOne, Inc. for a sum of approximately $232 million. In addition, UFP Industries has agreed to pay $18 million for recent capital expenditures. The transaction is expected to close by end-December this year, subject to customary closing conditions and necessary regulatory approvals.

The acquisition deal covers PalletOne’s 17 pallet manufacturing facilities in the southern and eastern regions of the country. Additionally, it includes the five pressure-treating facilities in the Southeastern U.S., operated by its subsidiary, Sunbelt Forest Products. The entire PalletOne executive management team will be retained.

Matthew J. Missad, CEO, UFP Industries welcomed PalletOne and its 1,500-plus employees to the UFP family of companies. The company brings a strong brand, a new customer base, and operating excellence, which will drive the company closer to its goal of becoming the world’s preferred packaging solutions provider.

The acquisition of PalletOne is the sixth and largest acquisition of the year by UFP Industries.

PalletOneand its affiliates had reported sales and adjusted EBITDA of $525 million and $37 million respectively during the previous year.

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