LANGLEY, B.C. — Adentra Inc. has completed the acquisition of substantially all the assets of Woolf Distributing Company Inc. ("Woolf") and has assumed certain working capital liabilities.

Woolf is a value-added distributor of architectural building and millwork products for residential and commercial markets, serving customers in seven U.S. states from four facilities located in Northern and Central Illinois, and in Northen Wisconsin. Woolf's millwork product category includes interior and exterior doors and associated products. Its specialty building materials category is focused on products for outdoor living spaces, including composite decking and composite and aluminum railing. Woolf adds value to millwork products by machining doors to customer specifications, pre-hanging door units in jambs, and pre-finishing millwork products as requested.

"We are pleased to welcome Woolf's team to Adentra," said Rob Brown, president and CEO of Adentra, which was formerly known as Hardwoods Distribution Inc. "Woolf expands our geographic footprint and product offering, adding complementary millwork locations to our US Midwest operations, as well as new branded specialty products in the outdoor living product category. The addition of Woolf also deepens our access to the attractive Pro Dealer customer channel where ADENTRA expects favorable multi-year demand from new residential and repair and remodel markets, supported by low existing home inventories, favorable demographics, strong home equity levels and an aging US housing stock."

"We remain committed to our Destination 2028 goals, including the achievement of $3.5 billion in annual run-rate sales through a combination of organic and acquisitions-based growth. With today's announcement, we are right on pace to achieve our stated goal of adding US$800 million in run-rate sales from acquisitions by 2028," said Brown.

The acquisition of Woolf was completed for an upfront purchase price of $130 million, financed by the company's existing credit facilities. An additional earn-out consideration of $5 million may be payable related to each of the calendar years ending 2024, 2025 and 2026 contingent upon achieving certain earnings performance targets.