UFPI Announces Acquisition of Minnesota-based Packnet, Ltd.
Tuesday, November 25, 2014
– Adds design and manufacturing capabilities; enhances industrial business opportunities –
GRAND RAPIDS, Mich., November 25, 2014 – Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has acquired an 80 percent interest in certain assets of Packnet, Ltd., with the ability to purchase the remaining 20 percent in three years. Packnet is a supplier of industrial packaging and services based in Eagan, Minn. The acquisition further expands Universal’s industrial business and its manufacturing and design capabilities.
Packnet designs, manufactures and supplies packaging products and related accessories to provide total packaging solutions to a growing list of customers. Founded in 1987, it had sales of nearly $9 million in the past year. It operates out of a single location in Eagan, Minn. Owner and CEO Mike Nyberg, will stay on at the helm of the operation.
“Mike and his team have built a strong company with a stellar reputation,” said Universal CEO Matthew J. Missad. “Their strategy of solving customer problems and challenges with innovative designs and products provides an additional platform for growth with our existing and future customers. We are excited to share ideas and to improve our respective businesses in the years to come.”
“We look forward to becoming a part of Universal Forest Products and contributing to their strong growth,” Nyberg said. “This is a great opportunity to take Packnet to the next level and to enhance our mutual success.”