HDI Makes Third Acquisition of 2020

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HDI Makes Third Acquisition of 2020

Canadian building products distributor acquires Rockford, Illinois-based distributor River City Millwork Inc.
HDI acquires River City Millwork

Building products distributor Hardwoods Distribution Inc. (TSX: HDI), Langley, British Columbia, this week announced that it has, through its subsidiary Rugby Holdings LLC, acquired River City Millwork Inc. for $4.2 million.

Based in Rockford, Illinois, River City Millwork is a wholesale distributor of interior and exterior doors, custom millwork and other ancillary products. The company’s estimated annual sales are $14 million. It will operate under the Rugby brand name going forward.

“We are pleased to announce the acquisition of River City Millwork,” said Rob Brown, HDI’s president and CEO. “River complements the Pacific Mutual Door business we purchased in the fourth quarter of 2019, strengthening existing supply relationships and expanding our geographic footprint.

“Over the last several years we have been strategically growing our presence in doors and related millwork distribution. The performance of this product category has been one of our strongest year-to-date and now represents over 15% of consolidated revenues. We expect this product category to benefit from the increase in U.S. residential home building and repair and remodel construction.”

The addition of River City Millwork marks HDI’s third acquisition in 2020 and “reflects the company’s continued execution of its acquisitions strategy,” HDI said in the press release announcing the deal. “The North American architectural building products distribution industry remains highly fragmented. With HDI’s robust acquisitions pipeline and strong balance sheet, the company intends to pursue additional accretive transactions that complement its growth strategies.”

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