Boise Cascade Reaches Agreement to Purchase Brockway-Smith Company
23 Agosto 2023 - 9:55AM
Business Wire
Boise Cascade Company (Boise Cascade) (NYSE: BCC) announced
today that it has reached an agreement to purchase Brockway-Smith
Company (BROSCO®), a leading wholesale distributor specializing in
doors and millwork. The purchase price for BROSCO, including the
acquisition of its two full-scale distribution centers, is $172
million, subject to certain closing adjustments. Boise Cascade
plans to fund the transaction and closing-related expenses from its
existing cash balances.
BROSCO is a fifth-generation, family-owned company founded in
1890. It operates distribution centers in Hatfield, MA and
Portland, ME. In addition to interior and exterior doors, BROSCO’s
offerings also include mouldings, railings, windows, stair parts,
and composite products.
Boise Cascade currently operates 10 millwork locations in some
of the nation’s fastest-growing markets, specializing in exterior
and interior doors, frames, hardware, and pre-finishing
options.
“BROSCO is a long-standing industry leader in the Northeast
region known for high-capacity manufacturing, quality artisanship,
and a loyal customer base,” said Jeff Strom, Executive Vice
President, Building Materials Distribution. “This acquisition
furthers our strategy to expand our millwork business. We are
excited to bring this outstanding team on board.”
“Boise Cascade provides BROSCO a unique and exciting opportunity
to join a company that is very similar in culture and commitment to
customers and associates,” said Charlie Smith, President & CEO
of BROSCO. “Boise Cascade is a large and successful organization
that will allow all our customers the ability to continue to enjoy
the outstanding BROSCO products and service that have been the
standard of the Northeast millwork market for over 130 years.”
Closing of the transaction is expected to be complete in early
fourth quarter of 2023, subject to customary closing conditions,
including receipt of antitrust approval under the Hart-Scott-Rodino
Act of 1976.
Boise Cascade was advised by Wells Fargo Securities, LLC, as
financial advisor, and Perkins Coie LLP, as outside legal counsel,
in the transaction.
About Boise Cascade
Boise Cascade is one of the largest producers of engineered wood
products and plywood in North America and a leading U.S. wholesale
distributor of building products. For more information, please
visit our website at www.bc.com.
Forward-Looking Statements
Statements in this news release that are not purely historical
facts or that necessarily depend on future events, including
statements about the expected closing date of the transaction or
other statements about anticipations, beliefs, expectations,
intentions or strategies for the future, may be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to
place undue reliance on forward-looking statements. In addition,
oral statements made by our directors, officers and employees to
the investor and analyst communities, media representatives and
others, depending upon their nature, may also constitute
forward-looking statements. As with the forward-looking statements
included in this release, these forward-looking statements are by
nature inherently uncertain, and actual results may differ
materially as a result of many factors. All forward-looking
statements are based upon information available to Boise Cascade on
the date this release was submitted. Boise Cascade undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Any forward-looking statements involve risks and
uncertainties that could cause actual events or results to differ
materially from the events or results described in the
forward-looking statements, including risks related to the
Company’s ability to close the transaction, including satisfaction
of required regulatory approvals, the integration of the acquired
assets, the Company’s growth strategies, or the Company’s revenues
and operating results being highly dependent on, among other
things, new residential construction, commodity wood products
prices and the economy. Boise Cascade may not succeed in addressing
these and other risks. Further information regarding factors that
could affect our financial and other results can be found in the
risk factors section of Boise Cascade’s most recent annual report
on Form 10-K filed with the Securities and Exchange Commission (the
“SEC”) and in the other reports filed by the Company with the SEC.
Consequently, all forward-looking statements in this release are
qualified by the factors, risks and uncertainties contained
therein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230823674179/en/
Media Contact Lisa Tschampl 208-384-6552
mediarelations@bc.com
Investor Contact Kelly Hibbs 208-384-3638
Boise Cascade (NYSE:BCC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Boise Cascade (NYSE:BCC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024