HDI acquires Mid-Am Building Supply
by CM Staff
HDI also closed on an upsized credit facility for an increase in the size of its existing senior secured credit facility from US$525 million to a new amount of up to US$900 million.
LANGLEY — Hardwoods Distribution Inc. has acquired Mid-Am Building Supply Inc. for US$270 million
“We are excited to be welcoming Mid-Am’s team to HDI,” said Rob Brown, President and Chief Executive Officer of HDI in a statement.
“Mid-Am strategically expands our access to the pro dealer customer channel and, when combined with strong participation in the pro dealer and home centre customer channels we gained when we acquired Novo Building Products last year, substantially increases the addressable market opportunity for HDI’s products. The addition of Mid-Am also raises our capability in the new home and repair and remodel markets in the U.S., where we continue to see many factors supporting a multi-year runway for growth.”
In connection with the closing of the acquisition, HDI closed on an upsized credit facility with its existing lender, Bank of America, for an increase in the size of its existing senior secured credit facility from its current size of US$525 million to a new aggregate facility amount of up to US$900 million.
