Burnaby-based Taiga Building Products has announced that it has agreed to acquire the entirety of Exterior Wood Inc’s issued and outstanding shares in a deal worth CAD$55mn.
Taiga will use the purchase to expand its existing wood treatment operations at three facilities across Canada, whilst also allowing the company gain a greater foothold in the US market.
“The acquisition of Exterior Wood and the expansion of our wood treatment business represents a significant step forward in our corporate strategy of pursuing value enhancing opportunities,” said Trent Balog, President and CEO of Taiga.
“With a well-established customer and supplier base, we believe that the Exterior Wood acquisition will be accretive to Taiga's business and will successfully integrate within our proven operational capabilities, in addition to expanding our distribution reach in a strategic region.”
Exterior Wood has been operating a substantial wood treatment facility and distribution centre in Washougal since 1977, servicing retail building supply centres throughout the US and Canada.
“We are excited to be associated with a company as well respected in our industry as Taiga. We are enthusiastic about what the future holds as we work together,” said Dave Perry, President of Exterior Wood.
The acquisition is expected to close on 31 July, subject to customary closing conditions.