HDI acquires Novo Building Products Holdings
Hardwoods Distribution Inc. completed its previously announced acquisition of the equity interests in Novo Building Products Holdings, LLC.
The acquisition was completed for a purchase price of U.S.$302 million and had an effective closing date of July 30.
“This is a transformative acquisition for the Company,” said Rob Brown, President and Chief Executive Officer, HDI. “Novo significantly broadens our addressable market, providing turnkey access into the home center and home builder distribution customer segments. We believe the combined scale and sophistication of HDI and Novo creates a national platform to provide additional solutions to our customers, and allows us to capitalize on the market share opportunity available. The multi-year outlook for our products and the end markets we participate in is very attractive, with strong demand driving new residential, repair and remodel and commercial building expenditures.”