BlueLinx Holdings Inc.has acquired privately-held Vandermeer Forest Products, a premier wholesale distributor of building products, for a purchase price of $67 million, which includes $3.6 million for the distribution facility and real estate in Spokane, Washington and $63.4 million for the business. Based on preliminary estimates for September 2022 results, this reflects a purchase price multiple for the business of approximately 3.3x trailing twelve-month adjusted EBITDA. Vandermeer’s trailing twelve-month sales were just over $150 million.
Vandermeer was founded in 1972 and serves more than 250 customers across the Pacific Northwest, Alaska, Hawaii, British Columbia and Alberta from distribution facilities in Kent, Spokane, and Marysville, Washington.
The purchase of Vandermeer was funded through cash on hand and is expected to be immediately accretive to diluted earnings per share on a pre-synergy basis.
BlueLinx is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products.
