A local diversified holding company acquired a California-based company that manufactures products used by plant nurseries.
Grand Rapids-based UFP Industries Inc. said one of its affiliates acquired the operating assets of Rancho Cucamonga, California-based T&R Lumber Company and its affiliates, Sullivan & Mann and Kelmar Creations.
Terms of the deal were not disclosed.
“Our new organizational structure is creating more opportunity to focus on new products and individual markets, and the addition of T&R allows us to continue to expand our portfolio of value-added offerings to agricultural customers,” said Matthew Missad, UFP Industries CEO. “We welcome T&R to our dynamic and growing team.”
T&R manufactures and distributes a range of products used primarily by nurseries, including plastic growing containers, pots and trays; wooden stakes; trellises; tree boxes; shipping racks; and other nursery supplies.
The company had about $31 million in sales in 2019 and will become an affiliate of the UFP Industrial business segment.
Phil Guardia, president of T&R, will continue to run the company.
“From the first meeting, we knew UFP Industries was a perfect fit for us with the right team for our company and mutual goals,” Guardia said. “Their family culture and team approach are exactly how we have operated our companies. We can now expand our regional success across UFP’s national footprint.”
Scott Worthington, president of the UFP Industrial business segment, said his company is “excited” by the acquisition.
“T&R has a strong leadership team and solid track record of growth with new and existing products,” he said. “We look forward to harnessing their expertise to grow our agricultural product offerings and customer base at UFP affiliates across the country.”
UFP Industries Inc.
Founded in 1955, UFP Industries Inc. (Nasdaq: UFPI) is a holding company whose subsidiaries supply wood, wood composite and other products to retail, construction and industrial markets.
The company is headquartered in Grand Rapids with affiliates throughout North America, Europe, Asia and Australia.