GRAND RAPIDS — Universal Forest Products Inc. plans to break into the hardwood products with the acquisition of an Indiana-based manufacturer.
The Grand Rapids-based Universal (Nasdaq: UFPI) today said that one of its affiliates had closed on a deal to buy certain assets of Quality Hardwood Sales LLC of Nappanee, Ind., according to a statement.
Quality Hardwood is a manufacturer and supplier of hardwood products and cabinetry components for homes and recreational vehicles. The company had net sales of about $30 million in 2016.
According to a statement, Quality Hardwood’s management team planned to stay on with the company following the sale.
The deal marks Universal’s first foray into hardwood products, which it sees as a move to further diversify and grow, according to CEO Matt Missad.
In announcing the deal, Missad praised the company’s “exceptional manufacturing expertise,” “strong management team” and products “known in the industry for their superiority.”
Terms of the deal were not disclosed.