Building products distributor Hardwoods Distribution Inc. (TSX: HDI), Langley, British Columbia, this week announced that it has, through its subsidiary Hardwoods Specialty Products US LP, acquired Aura Hardwoods for $12.7 million.
Aura is a wholesale architectural building products distributor with estimated annual sales of $53 million. Aura operates in Northern California across six locations in Modesto, Rancho Cordova, San Jose, San Luis Obispo, Fresno and Santa Cruz. Aura will operate under the Hardwoods brand name going forward.
“California represents a significant market opportunity for us and we are excited by the addition of Aura to our operations in this state,” said Rob Brown, HDI’s president and CEO. “Together with the acquisition of Far West Plywood in 2019 and Diamond Hardwoods earlier this year we have grown our location count in the California market from three to twelve distribution sites, giving us comprehensive coverage in this attractive growth market.
“Acquisitions continue to be a key component of our long-term growth strategy. Over half of HDI’s annualized sales today come from acquired businesses, and over the last two years we have added over $150 million in annualized sales to our top line. The acquisitions pipeline is active and with our continued balance sheet strength, we intend to pursue additional transactions that complement our strategies.”