Boise Cascade Corporation announced the acquisition of Brockway-Smith Company (BROSCO), a leading wholesale distributor specializing in doors and millwork.
BROSCO was purchased for $172 million, including the acquisition of its two full-scale distribution centers, subject to certain closing adjustments. Boise Cascade intends to cover the purchase and closing-related expenditures using cash on hand.
BROSCO is a fifth-generation, family-owned business that was started in 1890. It has warehouses in Hatfield, Massachusetts, and Portland, Maine. BROSCO’s product line includes mouldings, railings, windows, stair parts, and composite goods in addition to interior and external doors.
Boise Cascade now has 10 millwork locations in some of the fastest-growing regions in the country, specializing in exterior and interior doors, frames, hardware, and pre-finishing options. “BROSCO is a long-standing industry leader in the Northeast region known for high-capacity manufacturing, quality artisanship, and a loyal customer base,” Jeff Strom, executive vice president of building materials distribution, explained. “This acquisition furthers our strategy to expand our millwork business. We are excited to bring this outstanding team on board.”
“Boise Cascade provides BROSCO a unique and exciting opportunity to join a company that is very similar in culture and commitment to customers and associates,” remarked BROSCO President and CEO Charlie Smith. “Boise Cascade is a large and successful organization that will allow all our customers the ability to continue to enjoy the outstanding BROSCO products and services that have been the standard of the Northeast Millwork market for over 130 years.”
The transaction is projected to close in the early fourth quarter of 2023, subject to usual closing conditions, including receipt of Hart-Scott-Rodino Act of 1976 antitrust approval. In the transaction, Boise Cascade was advised by Wells Fargo Securities, LLC as financial advisor and Perkins Coie LLP as outside legal counsel.
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