Published in Manufacturing

UFPI acquires architectural millwork maker

BY MIBIZ STAFF Monday, March 16, 2020 02:04pm

GRAND RAPIDS — An affiliate of Grand Rapids-based Universal Forest Products Inc. has acquired the operating assets of Quest Design & Fabrication and Quest Architectural Millwork, collectively known as Quest. 

Based near Houston, Texas, Quest designs, fabricates and installs millwork and casegoods for a variety of commercial uses, including builder’s sales centers, design studios, hospitality, corporate offices and health care, according to a statement. The company had approximately $22 million in sales in 2019.

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Quest will integrate well into Universal Forest Products’ (Nasdaq: UFPI) commercial construction business unit, a key component of the company’s new UFP Construction segment, according to CEO Matthew Missad.

“Architectural millwork is part of our growth runway in commercial construction,” Missad said in a statement. “(Quest’s) high level of value-add and focus on premium products dovetails with our growth goals. Their talented leadership team plans to scale this business with existing UFP Industries customers through our existing facilities. Our growth strategies and cultures align very well, and we look forward to working together to quickly improve our businesses.”

Jon Deutser, president and CEO of Quest, will continue to run the company.

UFPI is a holding company whose subsidiaries supply wood, wood composite and other products to retail, industrial and construction markets. Last month, the company reported 2019 net sales of $4.42 billion — down 2 percent from the previous year — including $1.52 billion in gross sales in the company’s construction division. Construction segment sales were down 5 percent from the previous year because of a 10 percent decrease in lumber prices and a 5 percent increase in unit sales, according to UFPI. 

UFPI’s earnings from 2019 operations were $244.9 million, up 18 percent from the previous year.

Read 981 times Last modified on Monday, 16 March 2020 14:16
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