Boise Cascade Company to Acquire Coastal Plywood Company
Posted on 06/10/2022
Boise Cascade Company (NYSE: BCC) reached an agreement to acquire Coastal Plywood Company, including its two manufacturing locations, from Coastal Forest Resources Company for US$ 512 million, subject to certain closing adjustments. Boise Cascade Company currently plans to fund the transaction and closing-related expenses from its existing cash balances.
Coastal Plywood Company is a provider of plywood, lumber, and treated wood products throughout the eastern U.S. The purchase agreement includes its locations in Havana, Florida, and Chapman, Alabama, which employ approximately 750 people. The scope of this transaction does not include Coastal’s parent company or timberlands assets. Closing of the acquisition is expected in the third quarter of 2022, subject to customary closing conditions, including receipt of antitrust approval under the Hart-Scott-Rodino Act of 1976, as amended.
Advisors
Boise Cascade was advised by Perkins Coie LLP, as outside legal counsel, and Coastal was advised by Harris Williams, as financial advisor, and Hunton Andrews Kurth LLP, as outside legal counsel, in the transaction.
