Hardwoods Distribution Acquires Downes & Reader Hardwood
Downes & Reader is a distributor of hardwood lumber with four locations in the U.S. Northeast and annual sales estimated at $25 million. The company services both the wholesale and retail customer segments. The acquisition will add over 2,400 new customers and strengthen Rugby’s position overall, as a distributor of hardwood lumber products. Effective as of Monday July 17, 2017 the Downes & Reader locations started operating as part of the Rugby brand.
“The US Northeast is an attractive market with a population base of over 40 million people and we’re thrilled to have Downes & Reader, a highly respected hardwood lumber distributor in the region, join our team,” commented Rob Brown, Hardwoods’ President and CEO. “This acquisition provides us with turnkey access to a comprehensive lumber products offering in the US Northeast, brings us a significant number of new customers, and is immediately accretive to our shareholders. Our acquisition strategy has been successful now having completed six acquisitions in the last six years, and we will continue to pursue transactions that complement our growth strategies.”
In March 2017, Rugby acquired Eagle Plywood and Lumber of Dallas, Texas and consolidated it into the company’s existing Rugby distribution facility in Dallas. In June 2016, Hardwoods Distribution Inc. acquired Rugby Architectural Building Products with its 28 distribution centers servicing 35 states.
Source: Hardwoods Distribution, Inc.