Michigan-based Universal Forest Products Inc. has agreed to buy Earth City-based idX Corp., one of the St. Louis area’s largest private companies and a manufacturer of custom fixtures, millwork and decor for retail stores.
UFPI is a holding company for subsidiaries that supply wood, wood composite and other products to the retail, construction and industrial markets. The company reported nearly $2.9 billion in 2015 net sales.
UFPI said in a release Thursday that under the deal it will acquire all the outstanding shares of holding company idX Holdings Inc. Entities affiliated with Washington, D.C.-based Acon Investments owned idX Corp.
According to a regulatory filing Thursday by UFPI, it will pay about $68 million for idX’s capital stock, subject to adjustments for idX’s transaction expenses and net working capital at closing. UFPI at closing also will advance about $94.5 million to idX to retire outstanding debt and certain other obligations, according to the filing, and $1.625 million of the purchase price will be held in escrow until either 30 days after idX’s receives its audit for the fiscal year ending Dec. 31, 2017, or June 30, 2018, whichever is earlier.
The deal is expected to close by the end of the third quarter this year.
Read more: St. Louis Business Journal