GREER, S.C. – UFP Industries announced that one of its subsidiaries, Sunbelt Forest Products Corp., has acquired South Carolina-based Spartanburg Forest Products’ plants, property, and equipment for $17 million. It will also purchase Spartanburg’s working capital for an estimated $80 million.
The transaction is expected to close by the end of the first quarter of 2021, pending customary closing conditions and regulatory approval.Founded in 1978 and based in Greer, South Carolina, Spartanburg and its affiliates operate four wood treating facilities and one manufacturing facility, mostly in the Mid-Atlantic. The combined companies had 2020 sales of approximately $543 million. Stephen Michael, president and CEO of Spartanburg, will remain in a consultative role to help with the transition to Sunbelt, and Sunbelt plans to continue all of Spartanburg’s current vendor and supplier relationships (TSOs and MSOs) after closing.