GREER, S.C. - UFP Industries announced that one of its subsidiaries, Sunbelt Forest Products Corp., has acquired South Carolina-based Spartanburg Forest Products' plants, property, and equipment for $17 million. It will also purchase Spartanburg's working capital for an estimated $80 million.
The transaction is expected to close by the end of the first quarter of 2021, pending customary closing conditions and regulatory approval.
Founded in 1978 and based in Greer, South Carolina, Spartanburg and its affiliates operate four wood treating facilities and one manufacturing facility, mostly in the Mid-Atlantic. The combined companies had 2020 sales of approximately $543 million. Stephen Michael, president and CEO of Spartanburg, will remain in a consultative role to help with the transition to Sunbelt, and Sunbelt plans to continue all of Spartanburg’s current vendor and supplier relationships (TSOs and MSOs) after closing.
“Spartanburg Forest Products has a great reputation for quality and service,” said Ken DelleDonne, president of Sunbelt Forest Products. “Our customers are asking us to do more and the addition of the Spartanburg team will help us better serve our customers’ needs. We look forward to working with them and creating more success stories together.”
Based in Bartow, Florida, Sunbelt Forest Products Corporation is a producer of pressure-treated lumber and residential fencing in the Southeast, with 300 employees. The company is an affiliate of UFP Retail Solutions, which is a subsidiary of UFP Industries.
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 wood- and alternative material-based building and industrial products worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Michigan, with affiliates in North America, Europe, Asia and Australia.