TACOMA, WA - McFarland Cascade Investment Co. announced that it has agreed to sell all of the shares of McFarland Cascade Holdings, Inc. (“McFarland”), a provider of treated wood products based in Tacoma, Washington, to Stella-Jones Inc., a North American manufacturer of pressure treated wood products.
The transaction is expected to close in November 2012 and is subject to customary closing conditions, including entry into a definitive purchase agreement, customary approvals and conclusion of a satisfactory due diligence.
Founded in 1916, McFarland is one of North America’s long-standing suppliers of utility poles, piling and treated lumber for outdoor home projects, including composite decking, railings and related deck accessories. It serves its customer base through four wood treating facilities located in Washington, Oregon, Mississippi and British Columbia, as well as through several third party treating sites and an extensive distribution network. McFarland’s sales for its fiscal year ended December 31, 2011 were approximately US $255 Million. Sales for fiscal 2012 are forecasted to be approximately $280 Million.
Corry & Greg McFarland, Co-CEO’s and third generation family managers, who will retire from on-going operations following the close of the acquisition, had the following comments. “We are pleased with the acquisition and believe Stella-Jones will be a great heir to the McFarland Cascade legacy, brand and organization”, said Corry McFarland Co-CEO. Greg McFarland said, “We have had a partnership with Stella-Jones in British Columbia and the sale of the businesses to them will be a natural progression of that partnership over the past decade; it is time for Corry and me to pursue other things with our family now”.
About McFarland Cascade
Founded in 1916, McFarland Cascade is a leading manufacturer/distributors of utility poles and overhead structures in North America, supplying wood utility poles and related products throughout the Americas and offshore; and is a leading supplier of treated lumber in the West, distributing Terratec composite decking, stone decking, railings and many other unique outdoor project products, sold throughout a variety of Independent and Big Box retail outlets, such as Home Depot.
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