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BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS | 9 Months Ended
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Sep. 30, 2023
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS |
BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS | F. BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS We completed the following acquisitions since the end of the third quarter of 2022, which were accounted for using the purchase or equity method. Dollars below are in thousands unless otherwise noted:
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​ | ​ | ​ | ​ | Net | ​
Company | Acquisition | ​ | Intangible | Tangible | Operating
Name | Date | Purchase Price | Assets | Assets | Segment
​ | September 20, 2023 | $54,292 consideration for equity method investment | $ | 45,713 | $ | 8,579 | International
UFP Palets | Headquartered in Castellón, Spain, UFP Palets (formerly known as Palets Suller Group) is the market leader in machine-built wood pallets, serving the region's large ceramic tile industry. The company had trailing 12-month sales of approximately $38 million through August 2023.
​ | December 6, 2022 | $70,942 consideration for 100% asset purchase | $ | 48,745 | $ | 22,197 | Packaging
Titan Corrugated, Inc. (Titan) and All Boxed Up, LLC (ABU) | 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. ABU 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.
​ The purchase accounting valuation of the UFP Palets investment is yet to be finalized. The allocation of intangible assets for Titan and ABU are final. In aggregate, investments completed since the end of the third quarter of 2022 and not consolidated with other operations contributed approximately $32.6 million in net sales and $2.0 million in operating profits during the first nine months of 2023. The business combinations mentioned above were not significant to our operating results individually or in aggregate, and thus pro forma results for 2023 and 2022 are not presented.

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