Through its subsidiary Hardwoods Specialty Products U.S., Hardwoods Distribution Inc., Langley, B.C., has purchased the assets and assumed certain liabilities of Diamond Hardwoods, Fresno and Bakersfield, Ca., for $3 million.
Diamond is a wholesale distributor of architectural building products with estimated annual sales of $6 million. Diamond will operate under the Hardwoods brand name going forward.
“The addition of Diamond complements our existing Northern California operations and provides additional size and scale in an attractive growth market,” said HDI president and CEO Rob Brown. “The transaction broadens our service capabilities in Northern California, while adding bench strength to our team and a customer set with minimal overlap.”
He added, “We have been successful with our acquisition strategy adding $690 million in annualized sales and 45 new branch locations since 2011. The acquisitions pipeline remains active and, with our continued balance sheet strength, we intend to pursue additional transactions that complement our internal growth strategies.”
HDI is North America’s largest distributor of architectural grade building products to the residential and commercial construction markets, operating a North American network of 64 distribution centers under the names Hardwoods Specialty Products, Frank Paxton Lumber Co., and Rugby Architectural Building Products, plus one sawmill and kiln drying operation, Hardwoods of Michigan.