Parksite acquired Atlantic Plywood Corp., a distributor of industrial wood products and accessories in the Northeastern United States.
The company announced the deal Friday afternoon.
“We’re combining two companies, with outstanding operations in the Northeast, who’ve operated alongside each other in adjacent product categories,” said Ron Heitzman, CEO of Parksite. “Creating one company to deliver product solutions from industrial wood products, to premium surfacing materials, to specialty building materials, throughout the entire Northeast will provide our customers an unmatched resource in the market.”
Atlantic Plywood will operate as a wholly-owned subsidiary of Parksite, the company said.
Both Parksite and Atlantic Plywood are employee-owned (ESOP) organizations.
“Because Parksite is also an ESOP was key in our decision-making process”, said Paul Vella, president of Atlantic Plywood. “Atlantic Plywood and Parksite are in the same industry, with adjacent categories, so combined with the tremendous culture an ESOP provides for the employee-owners of both organizations, the opportunity for industry crossover will be very intriguing in the future,” Vella commented.
Parksite’s objective is grow significantly faster than the market and acquisitions are important piece of the growth strategy, the company said.
The company, founded in 1971 by John Morrisroe and Ray Biggins, began an acquisition path in May 2000, with the purchase of Plunkett-Webster, an East Coast-based wholesale distribution company specializing in building products, followed by the 2001 acquisition of Metro Sloan Distribution, Pittsford, New York. In May 2005, Parksite acquired Eastern Distributors Inc., a Philadelphia-based building materials distributor. In 2010, it purchased the DuPont Surfaces business assets of L.E. Smith Company in Ohio. And in August 2015, it purchased Lavelle Company, a North Dakota-based building material wholesaler.