Rugby Buys Downes & Reader
(Aug. 1, 2017) Rugby Architectural Building Products has purchased substantially all of the assets and assumed certain liabilities of Downes & Reader Hardwood Co., Stoughton, Ma., for $6 million.
Formed in 1973 by Ed Downes and Rod Reader, D&R generates annual sales of $25 mllion from its wholesale branches in Stoughton; Gorham, Me.; and Milford, Ct.; and its retail showroom in Stoughton. All locations will now operate under the Rugby name.
“This acquisition provides us with turnkey access to a comprehensive lumber products offering in the U.S. Northeast, brings us a significant number of new customers, and is immediately accretive to shareholders,” noted Rob Brown, president and CEO of Rugby parent Hardwoods Distribution. “We have been successful with our acquisition strategy having now completed six acquisitions in the last six years, and we will continue to pursue transactions that complement our internal growth strategies.”