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BUSINESS COMBINATIONS (Tables) | 3 Months Ended
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Apr. 01, 2023
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS |
Acquisitions Accounted for Using Purchase Method | We completed the following acquisitions since the end of March 2022, which were accounted for using the purchase or equity method. Dollars below are in thousands unless otherwise noted:
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Company | Acquisition | ​ | Intangible | Tangible | Operating
Name | Date | Purchase Price | Assets | Assets | Segment
​ | December 6, 2022 | $71,009 cash paid for 100% asset purchase | $ | 48,812 | $ | 22,197 | Packaging
Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC | Located in Flower Mound, TX and founded in 2003, Titan’s primary products include boxes used in moving and storage, jumbo boxes for industrial products, corrugated shipping containers, and point-of-purchase displays. All Boxed Up distributes common box sizes manufactured by Titan throughout the United States. The combined companies had trailing 12-month sales through October 2022 of approximately $46.5 million.
​ | June 27, 2022 | $69,791 cash paid for equity method investment | $ | 34,552 | $ | 35,239 | Packaging
Dempsey Wood Products, Inc. (Dempsey) | Located in Orangeburg, South Carolina and founded in 1988, Dempsey is a sawmill which produces products such as kiln dried finished lumber, industrial lumber, green cut stock lumber, pine chips and shavings, landscaping mulch, and sawdust. The Company had sales of approximately $69 million in 2021.
​ | May 9, 2022 | $15,398 cash paid for 100% asset purchase | $ | 4,821 | $ | 10,577 | Retail
Cedar Poly, LLC | Located in Tipton, Iowa, Cedar Poly is a full-service recycler of high-density and low-density polyethylene (HDPE and LDPE) flakes and pellets used in various products, including composite decking. The company also recycles corrugate and operates its own transportation fleet. Cedar Poly had 2021 sales of approximately $17.3 million and will operate in UFP’s Deckorators business unit.
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