UFP Industries, Inc. (UFPI) announced that UFP Industrial, LLC, closed on its agreement to purchase 100% of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet and an agreement to pay $21 million for PalletOne’s recent capital expenditures and other investments. The PalletOne management team, including President Howe Wallace, will continue to lead the company.
Scott Worthington, president of UFP Industrial, commented, “We are excited to welcome the PalletOne team to the UFP family of companies and look forward to executing PalletOne’s strategy while realizing the operating benefits and synergies of our respective organizations.”
UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide.
Organized in 2001, PalletOne operates 17 locations in nine states that manufacture new pallets, provide pallet repair programs, recycle used pallets and produce a variety of other wood products.
