Boise Cascade acquiring BROSCO
Boise Cascade Company revealed this morning that has reached an agreement to purchase Brockway-Smith Company aka BROSCO.
A building materials distribution powerhouse in the Northeast, BROSCO is a wholesale distributor specializing in doors and millwork.
The purchase price for BROSCO, including the acquisition of its two full-scale distribution centers, is $172 million, subject to certain closing adjustments. Boise Cascade plans to fund the transaction and closing-related expenses from its existing cash balances.
Based in Wilmington, Massachusetts, BROSCO is a fifth-generation, family-owned company that was founded in 1890.
The New England company operates distribution centers in Hatfield, Massachusetts and Portland, Maine.
Boise Cascade said it currently operates 10 millwork locations in some of the nation’s fastest-growing markets, specializing in exterior and interior doors, frames, hardware, and pre-finishing options.
“BROSCO is a long-standing industry leader in the Northeast region known for high-capacity manufacturing, quality artisanship, and a loyal customer base,” said Jeff Strom, executive vice president of Bosie Cascade’s Building Materials Distribution business. “This acquisition furthers our strategy to expand our millwork business. We are excited to bring this outstanding team on board.”
Along with interior and exterior doors, BROSCO’s portfolio of products includes mouldings, railings, windows, stair parts, and composite products.
“Boise Cascade provides BROSCO a unique and exciting opportunity to join a company that is very similar in culture and commitment to customers and associates,” said Charlie Smith, president and CEO of BROSCO. “Boise Cascade is a large and successful organization that will allow all our customers the ability to continue to enjoy the outstanding BROSCO products and service that have been the standard of the Northeast millwork market for over 130 years.”
Boise Cascade was advised by Wells Fargo Securities, LLC, as financial advisor, and Perkins Coie LLP, as outside legal counsel, in the transaction.
Based in Boise, Idaho, Boise Cascade is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products.
Boise Cascade recently reported second quarter 2023 sales of $1.8 billion.
