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HDI Announces Acquisition of Aura Hardwoods
HDI Announces Acquisition of Aura Hardwoods LANGLEY, BC , Dec. 9, 2020 ...
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[{"type":"text","content":"\n \n \n \n HDI Announces Acquisition of Aura Hardwoods\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n LANGLEY, BC\n \n ,\n \n Dec. 9, 2020\n \n /CNW/ - Hardwoods Distribution Inc. (\"HDI\" or the \"Company\") (TSX: HDI) today announced that it has, through its subsidiary Hardwoods Specialty Products US LP (\"Hardwoods\"), purchased substantially all of the assets and assumed certain liabilities of Aura Hardwoods (\"Aura\").\n \n \n Aura is a wholesale architectural building products distributor with estimated annual sales of\n \n US$53 million\n \n . Aura operates its business in\n \n Northern California\n \n across six locations in\n \n Modesto\n \n ,\n \n Rancho Cordova\n \n ,\n \n San Jose\n \n ,\n \n San Luis Obispo\n \n ,\n \n Fresno\n \n , and\n \n Santa Cruz\n \n . Aura will operate under the Hardwoods brand name going forward.\n \n \n \"\n \n California\n \n represents a significant market opportunity for us and we are excited by the addition of Aura to our operations in this state,\" commented\n \n Rob Brown\n \n , HDI's President and Chief Executive Officer. \"Together with the acquisition of Far West Plywood in 2019 and Diamond Hardwoods earlier this year we have grown our location count in the\n \n California\n \n market from three to twelve distribution sites, giving us comprehensive coverage in this attractive growth market.\"\n \n \n \"Acquisitions continue to be a key component of our long term growth strategy. Over half of HDI's annualized sales today come from acquired businesses, and over the last two years we have added over\n \n $150 million\n \n in annualized sales to our top line. The acquisitions pipeline is active and with our continued balance sheet strength, we intend to pursue additional transactions that complement our strategies.\"\n \n \n The transaction purchase price of\n \n US$12.7 million\n \n (subject to final working capital adjustments) was financed by a draw on the Company's existing US credit facility.\n \n \n \n About HDI\n \n \n \n HDI is\n \n North America's\n \n largest distributor of architectural grade building ...