Universal Forest expands agriculture business in latest acquisition
July 14, 2020 | 10:43 am CDT
RANCHO CUCAMONGA, Calif. - UFP Industries, formerly known as Universal Forest Products, has acquired T&R Lumber Co., a manufacturer and distributor of products used primarily by nurseries, including wooden stakes, tree boxes, shipping racks, and plastic growing containers. The acquisition includes T&R's affiliates, Sullivan & Mann and Kelmar Creations.
T&R had approximately $31 million in sales in 2019 and will become an affiliate of the UFP Industrial business segment. Phil Guardia, president of T&R, will continue to run the company.
“From the first meeting, we knew UFP Industries was a perfect fit for us, with the right team for our company and mutual goals,” said Guardia. “Their family culture and team approach are exactly how we have operated our companies. We can now expand our regional success across UFP’s national footprint.”
“We’re excited by this opportunity. T&R has a strong leadership team and solid track record of growth with new and existing products,” said Scott Worthington, president of the UFP Industrial business segment. “We look forward to harnessing their expertise to grow our agricultural product offerings and customer base at UFP affiliates across the country.”
UFP has been on an acquistion spree since 2018. Last August it acquired Northwest Painting, a supplier of pre-painted building materials, including composite lap siding, soffit, panels and trim. In the first four months of 2018, it acquired four companies: Great Northern Lumber, Spinner Wood Products, Deer Park, and Fontana Wood Products. Total annual sales for the acquired companies were around $50 million. In May 2019, UFP acquired Michigan-based Wolverine Wood Products.
The $4 billion UFP saw its shares surge 50 percent in the first eight months of 2019. That's compared to the industry's overall growth of 17.1 percent.
UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates throughout North America, Europe, Asia and Australia.
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