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Business Combinations
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Business Combinations

2. Business Combinations

During the first nine months of 2025, we completed the acquisitions of Alpine Lumber Company (“Alpine Lumber”), O.C. Cluss Lumber Company (“Cluss Lumber”), Truckee Tahoe Lumber (“Truckee Tahoe”) and St. George Truss Co. (“St. George Truss”) for a combined total of approximately $910.8 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, providing a broad product range which includes 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. Truckee Tahoe is a supplier of lumber and building materials in the northern California and northwestern Nevada markets. St. George Truss manufactures trusses, serving builders in southern Utah and southern Nevada.

During the first nine months of 2024, we completed the acquisitions of Quality Door & Millwork, Inc. (“Quality Door”), Hanson Truss Components, Inc. (“Hanson Truss”), Schoeneman Bros. Company (“Schoeneman”), TRSMI, LLC (“TRSMI”), RPM Wood Products, Inc. (“RPM”), Western Truss & Components (“Western Truss”), CRi SoCal (“CRi”), Wyoming Millwork Co. (“Wyoming Millwork”), Sunrise Wood Designs, LLC (“Sunrise Wood Designs”), Reno Truss, Inc. (“Reno Truss”) and High Mountain Door and Trim, Inc. (“High Mountain”) for a combined total of approximately $265.4 million, net of cash acquired. 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. Schoeneman manufacturers trusses and provides building materials and products to eastern South Dakota, and western Iowa. TRSMI manufactures and distributes trusses around the Detroit, Michigan area. RPM provides a diverse product mix of lumber, windows, doors, millwork and trusses in northeastern Florida. Western Truss manufactures roof and floor trusses, serving central Arizona. CRi installs windows and doors in the southern California area. Wyoming Millwork serves custom and semi-custom builders with lumber and lumber sheet goods, windows, doors, millwork, trusses and other building products in Delaware. Sunrise Wood Designs is a custom cabinet manufacturer and installer to production and custom builders in North Texas. Reno Truss is a manufacturer and distributor of roof and floor trusses to single-family and multi-family markets in the Nevada area. High Mountain distributes and installs doors, windows and millwork to single-family and multi-family markets in the southern Nevada area.

The acquisitions were funded with a combination of cash on hand and borrowings under our $2.2 billion revolving credit facility due May 20, 2030 (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 September 30, 2025, and September 30, 2024:

 

 

 

Total Acquisitions

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

2,785

 

 

$

7,749

 

Accounts receivable

 

 

49,795

 

 

 

26,749

 

Other receivables

 

 

6,842

 

 

 

127

 

Inventories

 

 

67,670

 

 

 

22,969

 

Contract assets

 

 

—

 

 

 

454

 

Other current assets

 

 

766

 

 

 

410

 

Property, plant and equipment

 

 

193,816

 

 

 

51,550

 

Operating lease right-of-use assets

 

 

11,646

 

 

 

14,502

 

Finance lease right-of-use assets

 

 

286

 

 

 

—

 

Intangible assets

 

 

312,917

 

 

 

82,125

 

Other assets

 

 

262

 

 

 

134

 

Total assets

 

 

646,785

 

 

 

206,769

 

 

 

 

 

 

 

 

Accounts payable

 

 

14,512

 

 

 

4,709

 

Accrued liabilities

 

 

18,196

 

 

 

4,612

 

Contract liabilities

 

 

6,540

 

 

 

130

 

Operating lease liabilities

 

 

11,646

 

 

 

14,502

 

Finance lease liabilities

 

 

286

 

 

 

—

 

Total liabilities

 

 

51,180

 

 

 

23,953

 

 

 

 

 

 

 

 

Goodwill

 

 

317,972

 

 

 

90,359

 

Total purchase consideration

 

 

913,577

 

 

 

273,175

 

Accrued contingent consideration and purchase price adjustments

 

 

(6,277

)

 

 

(8,570

)

Less: cash acquired

 

 

(2,785

)

 

 

(7,749

)

Total cash consideration

 

$

904,515

 

 

$

256,856