Business
Taiga announces acquisition of Exterior Wood, Inc. and expansion of wood treatment business
Taiga announces acquisition of Exterior Wood, Inc. and expansion of wood treatment busines...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\nTaiga announces acquisition of Exterior Wood, Inc. and expansion of wood treatment business\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\nCanada NewsWire\nBURNABY, BC, July 3, 2018\n\n\n\nBURNABY, BC, July 3, 2018 /CNW/ - Taiga Building Products Ltd. (\"Taiga\" or the \"Company\") (TSX: TBL) is pleased to announce that it has entered, through a wholly owned subsidiary, into a share purchase agreement (the \"SPA\") with Exterior Wood, Inc. (\"Exterior Wood\") and its shareholders, whereby Taiga will acquire all of the issued and outstanding common shares of Exterior Wood for a purchase price of US$42,000,000, subject to certain adjustments at closing of the acquisition in respect of working capital, cash and certain outstanding indebtedness. The acquisition has been structured to close on a cash free debt free basis.\n\nExterior Wood has been operating a wood treatment facility and distribution centre in Washougal, Washington since 1977, and services retail building supply centers throughout the western United States and Canada with a wide array of pressure treated products. The acquisition will expand Taiga's existing wood treatment operations at three facilities in Canada, with additional penetration into the United States market. \n\nTrent Balog, President and Chief Executive Officer of Taiga, commented: \"The acquisition of Exterior Wood and the expansion of our wood treatment business represents a significant step forward in our corporate strategy of pursuing value enhancing opportunities. With a well-established customer and supplier base, we believe that the Exterior Wood acquisition will be accretive to Taiga's business and will successfully integrate within our proven operational capabilities, in addition to expanding our distribution reach in a strategic region. We look forward to working with the Exterior Wood team who have dedicated many years to the development and achievements of this business.\"\n\nDave Perry, President of Exterior Wood, commented: \"We are excited to be associated with a company as well respected in our industry as Taiga. ...