Woodgrain Finalizes Huttig Deal - Modern Distribution Management

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Woodgrain Finalizes Huttig Deal

The company has completed its previously announced acquisition of Huttig, a distributor of millwork, building materials and wood products.
Woodgrain acquires huttig

Woodgrain Inc. and Huttig Building Products, Inc. announced that Woodgrain has completed its $350 million acquisition of Huttig, a millwork, building materials and wood products distributor.

The acquisition is expected to significantly increase Woodgrain’s distribution network, product offering, and value-added services, the company said.

The cash tender offer was announced on March 28 and expired May 2. Based on information from the depositary for the offer, 19,250,622 shares representing approximately 70.4% of the outstanding shares of common stock of Huttig, were tendered and not withdrawn before the expiration of the offer. All of the tendered shares were accepted for payment on May 3, Huttig said.

Wells Fargo served as exclusive financial adviser to Woodgrain and also served as sole underwriter for the transaction financing. Stoel Rives served as legal advisor to Woodgrain on the transaction. Lincoln International served as financial advisor to Huttig. Baker McKenzie served as legal advisor to Huttig on the transaction.

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