GRAND RAPIDS — Universal Forest Products Inc. expects to acquire Idaho Western Inc., a Nampa, Idaho-based distributor of building materials.
Executives at Grand Rapids-based Universal Forest Products (Nasdaq: UFPI) plan to purchase the $11.5 million in outstanding shares of Idaho Western’s stock on July 1, according to a statement.
Idaho Western generates approximately $21 million in annual sales and supplies lumber products, doors and other building components to the retail, manufactured housing and recreational vehicle market.
Universal Forest Products pursued the deal largely in a bid to expand its product offerings to the manufactured housing and retail markets, and to extend its product footprint into new geographies, according to the statement.
The transcation for Idaho Western marks the second acquisition Universal Forest Products reported in a week, having announced a deal for certain assets of Tampa, Fla.-based Robbins Manufacturing last Tuesday.
The Grand Rapids-based company, which manufactures wood and wood-alternative products for the construction industry, generated $2.9 billion in annual sales in its 2015 fiscal year, an increase of 8.5 percent over the previous year.