Pacific Woodtech completes acquisition of LP's EWP business
The move includes plants in California, North Carolina, and British Columbia along with the SolidStart brand.
Pacific Woodtech reported that it has closed on its acquisition of LP Building Solution’s engineered wood products (EWP) business.
The $210 million deal includes I-Joist production facilities in Red Bluff, Calif.; log, veneer, laminated veneer lumber (LVL), and plywood facilities in Golden, British Columbia; and LVL production facilities in Wilmington, N.C.
According to LP, the agreement also includes the SolidStart brand and timber license assets.
In a prepared statement, Pacific Woodtech said the expanded product mix meets the evolving needs of the current building market and answers the call for more sustainable building products.
“This is an incredibly exciting time for PWT. We take great pride in combining LP Building Solutions’ EWP business and SolidStart brand with our long-standing premium quality products and respected customer service," said Jim Enright, president and CEO of Pacific Woodtech. “We have worked hard to retain LP employees and welcome them to the PWT family. This combining of forces positions us as an industry leader in the EWP space, at the forefront of environmental responsibility, sustainably harvested timberlands, and superior product innovation.”
Pior to the acquisition, Pacific Woodtech was already one of the world’s top producers of engineered wood products including LVL, Treated LVL, and I-Josist. Based in Burlington, Wash., the company also distributes EWP products to top markets in North America.
LP's financial adviser is UBS Investment Bank. LP's legal advisers are Troutman Pepper and Fasken Martineau Dumoulin LLP.
Following the sale, LP continues to operate 22 plants in the United States, Canada, Chile, and Brazil.