Business Combinations

3 Months Ended

Mar. 31, 2025

2. Business Combinations

During the first three months of 2025, we completed the acquisitions of Alpine Lumber Company (“Alpine Lumber”) and O.C. Cluss Lumber Company (“Cluss Lumber”) for a combined total of approximately $828.0 million, net of cash acquired. Alpine Lumber was the largest independently operated supplier of building materials in Colorado and northern New Mexico. Alpine Lumber serves the Colorado Front Range, western Colorado and northern New Mexico through its 21 operating locations, and provides a broad product range, including prefabricated trusses and wall panels, and millwork. Cluss Lumber is a supplier of lumber and building materials to southwestern Pennsylvania, western Maryland and northern West Virginia.

During the first three months of 2024, we completed the acquisitions of Quality Door & Millwork, Inc. (“Quality Door”) and Hanson Truss Components, Inc. (“Hanson Truss”) for a combined total of approximately $59.0 million. Quality Door is a millwork distributor, serving Idaho markets in the Boise and Idaho Falls areas. Hanson Truss produces trusses, serving the areas of Northern California and Western Nevada.

The acquisitions were funded with a combination of cash on hand and borrowings under our $1.8 billion revolving credit facility due January 17, 2028 (the “Revolving Facility”). The transactions were accounted for by the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition dates. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition dates, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill.

Pro forma financial information for the acquisitions discussed above for 2025 and 2024 are not presented as these acquisitions did not have a material impact on our results of operations, individually or in the aggregate for each respective period.

The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the periods ended March 31, 2025, and March 31, 2024:


	Total Acquisitions
	2025			2024
	(in thousands)
Cash and cash equivalents	$	2,785		$	—
Accounts receivable		38,058			4,546
Other receivables		6,842			—
Inventories		54,031			1,935
Other current assets		721			5
Property, plant and equipment		184,104			2,857
Operating lease right-of-use assets		3,386			2,888
Intangible assets		287,951			24,089
Other assets		41			—
Total assets		577,919			36,320

Accounts payable		11,107			702
Accrued liabilities		18,189			23
Contract liabilities		4,988			24
Operating lease liabilities		3,386			2,888
Total liabilities		37,670			3,637

Goodwill		290,515			26,301
Total purchase consideration		830,764			58,984
Accrued contingent consideration and purchase price adjustments		(3,184	)		(279	)
Less: cash acquired		(2,785	)		—
Total cash consideration	$	824,795		$	58,705