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Universal Forest Products has expanded its industrial packaging business in the Midwest.
Universal Forest Products in Grand Rapids said yesterday that one of its subsidiaries has acquired “an 80-percent interest in certain assets” of Packnet, Ltd. in Eagan Minn., with “the ability to purchase the remaining 20 percent in three years.”
Packnet is a supplier of industrial packaging and services.
The company makes packaging products and related accessories to “provide total packaging solutions” to customers.
Founded in 1987, Packnet had sales of nearly $9 million in the past year.
Its lone location is in Eagan.
Packnet’s owner and CEO Mike Nyberg will stay on at the helm of the operation.
“Mike and his team have built a strong company with a stellar reputation,” said Matthew Missad, CEO, Universal Forest Products.
Missad said the acquisition provides an “additional platform for growth” for Universal.
“We are excited to share ideas and to improve our respective businesses in the years to come,” Missad said.
Nyberg said that Packnet looks forward to “becoming a part of Universal Forest Products and contributing to their strong growth."
“This is a great opportunity to take Packnet to the next level and to enhance our mutual success,” Nyberg said.
Universal Forest Products, founded in 1955, is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to the retail, construction and industrial markets.