Equus Announces Completion of Sale of Its Interest in PalletOne, Inc.
UFP Industries Acquires PalletOne for $232 Million
Equus Total Return announced the acquisition of PalletOne, Inc. by UFP Industries for approximately $232 million, assuming a cash-free, debt-free status. Additionally, UFP will pay $21 million for PalletOne’s recent capital expenditures. Since Equus's initial investment in 2001, PalletOne has grown to be a leading wooden pallet manufacturer in the U.S., supported by Equus's strategic guidance. This acquisition marks a significant step in realizing Equus's long-term investment strategy.
- Successful sale of PalletOne, providing a potential return on investment for Equus.
- PalletOne is one of the largest wooden pallet manufacturers in the U.S., enhancing UFP's market position.
- None.
PalletOne Acquired by UFP Industries
HOUSTON, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS) (“Equus”) today announced that UFP Industries, Inc. has closed on its agreement to purchase of
In October 2001, Equus made its initial investment in PalletOne and was one of two institutional funds to finance the creation of PalletOne from certain of the remnants of a former pallet manufacturing conglomerate. PalletOne has since risen to become one of the largest wooden pallet manufacturers in the United States and a major regional supplier of treated wood to retail lumber outlets and home improvement stores in the Southeastern U.S. In recent years, Equus has worked closely with the management team and board of PalletOne to facilitate a sale, and the acquisition of PalletOne by UFP is a culmination of these efforts.
Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the performance of the Company, including our ability to achieve our expected financial and business objectives, the other risks and uncertainties described herein, as well as those contained in the Company’s filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
Contacts:
Patricia Baronowski
Pristine Advisers, LLC
(631) 756-2486
FAQ
What is the acquisition price of PalletOne by UFP Industries?
What were the capital expenditures associated with PalletOne's acquisition?
When was the acquisition of PalletOne by UFP Industries completed?
What company made the initial investment in PalletOne?
What market position does PalletOne hold in the U.S.?
