March 29, 2022 | Bill Esler
St. Louis, MO—Woodgrain Inc. will acquire Huttig Building Products, Inc. for $350 million.
“This acquisition will increase our footprint by expanding our network,” says Woodgrain CEO Kelly Dame. Based in St. Louis, MO, Huttig is a leading distributor of millwork, building materials, and wood products. The acquisition will significantly increase Woodgrain’s distribution network, product offerings, and value-added services.
Founded in 1969, Fruitland, ID-based Woodgrain is one of the largest millwork operators in the world. Its Woodgrain Millwork unit manufactures and distributes wood mouldings, doors, and windows, supplying The Home Depot, among other clients. It operates a particleboard plant, three Western sawmills, two door plants and two window plants, and has controlling interest in a Chilean moulding operation. In 2021, Woodgrain acquired Lowe’s 350-employee door manufacturing operation, and launched multi-million-dollar expansions at plants in Georgia and on the East Coast.
Publicly-traded Huttig has been seeking a buyer since October 2021. Its CEO Jon Vrabely, says “We are especially pleased that we achieved a great outcome for all of our stakeholders with Woodgrain as we have enjoyed a strong partnership with them for several decades. Our organizations share many of the same values, and we are certain that the Dame family will be great stewards of the Huttig brand and legacy that has existed since 1885.”
Woodgrain will acquire Huttig in an all-cash transaction valued at $10.70 per share, or approximately $350 million including the assumption of debt. The acquisition is expected to close in the second quarter of 2022 subject to regulatory approval.
Woodgrain has six divisions and over 30 manufacturing and warehouse facilities in the U.S. and South America. Huttig, in its 138th year of business, is one of the largest domestic distributors of millwork, building materials and wood products used principally in new residential construction and in-home improvement, remodeling and repair work. Huttig distributes its products through 25 distribution centers serving 41 states. Huttig’s wholesale distribution centers sell principally to building materials dealers, national buying groups, home centers, as well as industrial users, including makers of manufactured homes.
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