GRAND RAPIDS — Universal Forest Products Inc. is acquiring the assets of a Grand Rapids-based wood panel components manufacturer.
In a deal announced Feb. 18, Universal Forest Products (Nasdaq: UFPI) said an affiliate signed an agreement to acquire the operating assets of Wolverine Wood Products Inc., located at 825 Buchanan Ave. SW in Grand Rapids.
Wolverine Wood Products is expected to generate annual sales of $5 million, according to a statement. The company makes wood panel components for furniture, store fixture and casegoods.
Mike and Bernadette Peters founded the company in 2008. The deal will help expand Wolverine’s capacity to serve customers in the Midwest. Mike Petersen, who serves as president, will stay on with the company as general manager.
According to a statement, Wolverine Wood Products has deployed automation and robotics to grow and offer competitive pricing to customers.
“Mike has 32 years of experience in sales and automation integration, and he’s leveraged it into a successful and quickly growing business,” UFPI CEO Matt Missad stated.
Terms of the deal were not disclosed.