M-D Building Products makes acquisition
Oklahoma City-based M-D Building Products acquired Loxcreen Co., a privately held precision manufacturing company founded in 1946 on patents for fabricating window screens.
The acquisition includes Loxcreen’s Canadian flooring group operated under the Bengard Manufacturing name in Mississauga, Ontario. Terms of the deal were not disclosed. The combined sales of both companies will exceed $200 million annually.
The two privately held companies, with approximately 800 employees at nine manufacturing and distribution facilities in the United States and Canada, specialize in customized aluminum and plastic extrusion manufacturing in connection with producing and marketing a variety of window, flooring, door and tool products, and accessories used in commercial and residential construction and renovation.
“The Loxcreen acquisition and its related manufacturing, engineering and products presents a unique opportunity for us to bring two complementary and compatible businesses with strong market presence together to drive long-term growth,” said Loren Plotkin, chairman and president of M-D Building Products. “For many years, we have admired Loxcreen as a quality competitor with a strong line of well-engineered and manufactured building products. We know them well and realized early in the due diligence process that the combined companies would be synergistically stronger with greater opportunities given our ability to increase our vertical manufacturing capabilities and expand product lines to meet our customer’s evolving needs.”
Loxcreen’s CEO Wayne Parrish, said: “While our emotions are mixed with selling the business after a successful 65 years of operation, we recognize the acquisition by M-D Building Products offers expanded opportunities long-term for our employees and customers.”
In addition to operations in Canada, Loxcreen also operates manufacturing and distribution facilities in Georgia, Oregon, Texas, Ohio, Missouri and South Carolina. Loxcreen is based in Columbia, S.C.
Joe Comitale, president of Loxcreen Canada and COO of the Loxcreen Co., will continue in his role as president of Loxcreen Canada and will join M-D Building Products as executive VP.
M-D Building Products operates manufacturing and distribution facilities in Oklahoma and Georgia.
UFP acquires Custom Caseworks
Universal Forest Products closed on the acquisition of Custom Caseworks, a high-precision business-to-business manufacturer of engineered wood products.
"Custom Caseworks is a proven manufacturer and distributor with a reputation for superior products and service, and we’re pleased to add them to the Universal portfolio of companies," said Universal Forest Products CEO Matthew J. Missad.
The purchase enhances UFP’s industrial business and expands its opportunities and product offerings, according to Grand Rapids, Mich.-based UFP.
"We look forward to joining the Universal companies and to capitalizing on the synergies of our respective businesses and operations," said Custom Caseworks president and CEO John Lindholm. Lindholm will stay on as general manager of the business. "Universal is a respected manufacturer and supplier with significant resources that will help us grow our business to new levels of success. And Custom Caseworks will open new doors of opportunity for Universal. This is an exciting new chapter for our company, our people and our customers."
Custom Caseworks was founded in 1994 and is located in Sauk Rapids, Minn.
Beacon Roofing Supply appoints acting chief financial officer
While searching for a permanent CFO, Peabody, Mass.-based Beacon Roofing Supply appointed Rick Welker to the position of acting CFO.
Welker is currently the company’s VP and chief accounting officer. He replaces David Grace, who retired a the end of 2012.
Welker joined Beacon as corporate controller in July 2004, prior to the company’s initial public offering, and was promoted to VP in February 2006 and to chief accounting officer in November 2011. He is a Certified Public Accountant and a Certified Management Accountant.
Prior to joining Beacon, Welker had previous public company experience and held the following executive positions: senior VP-CFO and secretary of rue21; VP-CFO and treasurer of Woodworkers Warehouse; and VP and controller of Bradlees Department Stores. He started his career with PricewaterhouseCoopers.