UFPI Signs Agreement to acquire Wolverine Wood Products
Monday, February 18, 2019
UFPI signs agreement to acquire Wolverine Wood Products
GRAND RAPIDS, Mich., Monday, Feb. 18, 2019 – Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its affiliates has signed an agreement to purchase the operating assets of Wolverine Wood Products, Inc.
Founded in 2008 in Grand Rapids, Michigan, by Mike and Bernadette Petersen, Wolverine Wood Products manufactures wood panel components for furniture, store fixtures and case goods, with anticipated annual sales of $5 million. The acquisition will expand Universal’s capacity to produce value-added wood components for customers in the Midwest. Mike Petersen, owner and president of Wolverine Wood Products, will remain with the company as general manager.
“Wolverine Wood Products has grown quickly by using automation and robotics to provide its customers with the value-added services and pricing that other companies can’t provide,” said CEO Matt Missad. “We’re fortunate to have Mike Petersen and his team join the Universal family of companies. Mike has 32 years of experience in sales and automation integration, and he’s leveraged it into a successful and quickly growing business.”
“Universal Forest Products is a world-class company with exceptional people and an excellent market reputation,” said Mike. “This will allow Wolverine to continue to expand its market presence as well as synergize with other Universal affiliates. We are very excited to join the Universal family of companies and to continue to leverage experience and technology to solve manufacturing problems.”