USA – Woodgrain Inc. and Huttig Building Products, Inc announced that a definitive agreement has been reached whereby Woodgrain will purchase Huttig, a leading distributor of millwork, building materials, and wood products.

This acquisition will significantly increase Woodgrain’s distribution network, its product offering, and its value-added services.

Woodgrain will acquire Huttig in an all-cash transaction valued at USD 10.70 per share, or approximately USD 350 million including the assumption of debt. The acquisition is subject to a minimum tender of a majority of the outstanding Huttig common shares and other customary closing conditions and is expected to close in the second quarter of 2022 subject to regulatory approval. The Huttig Board of Directors has unanimously approved the acquisition and recommends that Huttig stockholders tender their shares in the transaction.

Wells Fargo is serving as exclusive financial adviser to Woodgrain and will also serve as sole underwriter for the transaction financing.

Woodgrain is one of the leading millwork operations with locations throughout the United States and Chile. Woodgrain is a leading producer of mouldings, doors, and windows. Woodgrain, Inc. is headquartered in Fruitland, Idaho with six divisions and over 30 manufacturing and warehouse facilities in the United States and South America.