Equus Announces Pending Sale of Its Interest in Palletone, Inc.
Equus Total Return, Inc. (NYSE: EQS) announced that UFP Industries, Inc. (Nasdaq: UFPI) will acquire 100% of PalletOne, Inc. for approximately $232 million, plus $18 million for recent capital expenditures. The deal is set to close on December 28, 2020, pending regulatory approval. Equus has been invested in PalletOne since 2001, aiding its emergence as a leading wooden pallet manufacturer in the U.S. Both companies' executives expressed satisfaction with the partnership and the transition into new opportunities.
- UFP Industries is acquiring PalletOne for $232 million, reflecting strong valuation.
- Equus has successfully monetized its long-term investment in PalletOne.
- None.
HOUSTON, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Company”) today announced that the Board of Directors of UFP Industries, Inc. (Nasdaq: UFPI) has approved the 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 monetize its investment, and today’s announcement is a culmination of these efforts.
“We have appreciated the investment of Equus in PalletOne, and in recent years John Hardy’s advice and assistance as we have worked to achieve an exit for the stockholders,” said Howe Wallace, CEO of PalletOne.
“We have enjoyed working with PalletOne over the years and, in particular, with its management team led by Howe Wallace who has transformed the company into an industry leader in pallet manufacturing and treated wood products,” said John Hardy, CEO of Equus. “We wish them the best as they transition to capitalize on new and exciting opportunities in the industry.”
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
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