One of the subsidiaries of Universal Forest Products Inc. (NASDAQ: UFPI) has agreed to purchase certain assets of SE Panel and Lumber Supply, a South Daytona, FL-based distributor of Olympic Panel overlay concrete forming panels and commodity lumber products to the concrete forming and construction industries.
Two key concrete forming specialists from SE Panel, Mark McBride and Calvin Dodson, will join the companies of Universal to guide and grow the efforts in that market and business. SE Panel’s General Manager Barry Hill intends to join Olympic Panel in a market development role.
“This acquisition enhances our position in the marketplace, brings to us the superior products of Olympic Panel and seasoned salespeople with solid relationships, and helps us expand our footprint in the Southeastern United States,” said UFPI CEO Matthew J. Missad.
The transaction is expected to close by mid-November.