Woodgrain finalizes Huttig acquisition

Woodgrain has completed its acquisition of Huttig Building Products.

The cash tender offer for Huttig announced on March 28 expired at 11:59 p.m. on May 2, 2022. 

Terms of the all-cash acquisition included Woodgrain paying $10.70 per share, or approximately $350 million including the assumption of debt. Huttig’s Board of Directors had unanimously approved the acquisition.

According to Woodgrain, it has acquired 19,250,622 shares representing approximately 70.4% of the outstanding shares of common stock of Huttig. 

In a press release issued by both companies, Woodgrain said, “This acquisition will significantly increase Woodgrain’s distribution network, its product offering, and its value-added services.”

St. Louis, Mo.-based Huttig distributes products through 25 distribution centers serving 41 states. The company’s primary customers include building materials dealers, national buying groups, home centers, and industrial users, including manufactured home producers.

For the fourth quarter 2021, Huttig reported net sales increased nearly 25% to $230.4 million. For the full year, sales increased 18.4% to $937.8 million. 

Headquartered in Fruitland, Idaho, Woodgrain manufactures moldings, doors, and windows. The company operates six divisions and over 30 manufacturing and warehouse facilities in the United States and South America. 

Wells Fargo served as the exclusive financial adviser to Woodgrain and also served as the sole underwriter for the transaction financing. Stoel Rives served as legal advisor to Woodgrain on the transaction.

Lincoln International served as financial advisor to Huttig. Baker McKenzie served as legal advisor to Huttig on the transaction.