US-based Universal Forest Products (UFPI) has acquired the outstanding shares of Australian wood packaging company UBEECO Group.
Financial terms of the deal, which is the second acquisition made by a Universal subsidiary in Australia, have not been disclosed.
Established in 1970, UBEECO manufactures and distributes a wide range of wood packaging and alternative material products, including boxes, crates, pallets, skids, protection packaging, accessories and loose lumber.
The company reported approximately $21.2m in sales for fiscal year 2016.
UFPI CEO Matt Missad said: “UBEECO is a leader in the industrial packaging marketplace in Australia, and we are thrilled that the company and its talented people are joining the family of Universal.
“They have an excellent reputation for quality products and customer service, they’re growing, and they have ambitious goals—and we value all of that. In addition, their leadership team is strong and has created not just a healthy business but also a good, strong corporate culture that fits well with ours.
“With this acquisition, we strengthen our foothold in the Australian packaging market, and create opportunities for synergies between our two Australian manufacturers, UBEECO and Integra Packaging.”
As part of the acquisition, UBEECO co-founder and managing director Chevalier Joseph Borg will remain on the team, reported Grand Rapids Business Journal.
Last year, a Universal subsidiary purchased a majority interest in Integra Packaging Proprietary, a Brisbane-based integrated packaging manufacturer.