Boise Cascade Company has unveiled its agreement to acquire Brockway-Smith Company (BROSCO®), a renowned wholesaler specializing in doors and millwork. The transaction encompasses the purchase of BROSCO, along with its two comprehensive distribution centers, at a total cost of $172 million, subject to customary closing adjustments. Boise Cascade intends to finance the deal and associated closing expenses from its existing cash reserves.

With its origins dating back to 1890, BROSCO stands as a fifth-generation, family-founded enterprise. It currently operates distribution centers in Hatfield, MA, and Portland, ME. BROSCO boasts a diverse product range, encompassing interior and exterior doors, along with an array of offerings including mouldings, railings, windows, stair parts, and composite products.

Boise Cascade presently operates across 10 millwork locations situated in some of the nation's rapidly expanding markets. Its specialization spans exterior and interior doors, frames, hardware, and pre-finishing options.

Jeff Strom, Executive Vice President of Building Materials Distribution, expressed the rationale behind the acquisition: "BROSCO is a long-standing industry leader in the Northeast region known for high-capacity manufacturing, quality artisanship, and a loyal customer base. This acquisition furthers our strategy to expand our millwork business. We are excited to bring this outstanding team on board."

Charlie Smith, President & CEO of BROSCO, highlighted the symbiotic alignment of values: "Boise Cascade provides BROSCO a unique and exciting opportunity to join a company that is very similar in culture and commitment to customers and associates. Boise Cascade is a large and successful organization that will allow all our customers the ability to continue to enjoy the outstanding BROSCO products and service that have been the standard of the Northeast millwork market for over 130 years."

The conclusion of the transaction is anticipated to transpire in the early stages of the fourth quarter of 2023, pending fulfillment of customary closing conditions, which include obtaining antitrust approval under the Hart-Scott-Rodino Act of 1976.

Boise Cascade received advisory support from Wells Fargo Securities, LLC, as its financial advisor, and Perkins Coie LLP, serving as its external legal counsel, throughout the course of this transaction.

Source:businesswire.com

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