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BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 28, 2024

BUSINESS COMBINATIONS AND EQUITY METHOD INVESTMENTS

BUSINESS COMBINATIONS

C.BUSINESS COMBINATIONS

We completed the following business combinations in fiscal 2024 and 2023, which were accounted for using the purchase method (in thousands).


					Net
Company	Acquisition		Intangible		Tangible		Operating
Name	Date	Purchase Price	Assets		Assets		Segment
	December 23, 2024	$29,830 consideration for 100% asset purchase	$	12,650	$	17,180	Packaging
C&L Wood Products (C&L)	Located in Hartselle, AL and founded in 1975, C&L is a manufacturer of quality pallets, mulch, and other wood products. The company had trailing 12-month sales of approximately $25 million through November 2024.
	September 20, 2023	$52,841 consideration for 80% stock purchase, net of acquired cash	$	43,785	$	9,056	International
UFP Palets y Embalajes SL (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.

On August 8, 2024 we purchased the remaining 20% equity interest in UFP Palets from Palets Suller, SL.

The intangible assets for each acquisition were finalized and allocated to their respective identifiable intangible asset and goodwill accounts during 2024, , except for the acquisition of C&L. In aggregate, acquisitions made during 2024 and 2023, contributed approximately $17.9 million in net sales and $5.2 million in operating loss during 2024.

The amounts assigned to major intangible classes for the business combinations mentioned above are as follows (in thousands):


		Non-																		Intangibles -
		Compete									Customer									Tax
		Agreements			Technology			Patents			Relationships			Tradename			Goodwill			Deductible
UFP Palets		$	—		$	—		$	—		$	36,708		$	—		$	7,077		$	43,785
C&L			—			—			—			6,945			—			5,705			12,650

The business combinations described above were not significant to our operating results individually or in aggregate, and thus pro forma results for 2024 and 2023 are not presented.