Hardwoods Distribution Inc. ("HDI") has, through its subsidiary Hardwoods Specialty Products US LP ("Hardwoods"), purchased substantially all of the assets and assumed certain liabilities of Far West Plywood for a total value of $3.6 million. Far West will operate under the Hardwoods brand name going forward, as the company says in the press release received by Lesprom Network.
"The addition of Far West represents a contiguous expansion of our current Southern California operations and provides additional size and scale in an attractive growth market," commented Rob Brown, HDI's President and CEO. "The Transaction represents an appealing strategic fit of complimentary product lines with minimal customer overlap."
The transaction purchase price was financed by a draw on the Company's existing US credit facility.
Far West is a single site wholesale distributor located in Northridge, California. With estimated annual sales of $12 million, they distribute architectural building products to customers that fabricate end-products to commercial, industrial, retail, residential, and institutional construction markets.
HDI is North America's largest distributor of architectural grade building products to the residential and commercial construction markets.
