Company acquires leading distributor of building materials
In 2021, Hardwoods Distribution Inc. (HDI) purchased New Zeeland-based Novo Building Products Holdings, LLC (Novo) for $303.0 million. The acquisition of Novo, a leading distributor of architectural grade building products to home centers and to home builder distribution yards across the United States, enhances HDI’s existing operations as a distributor of high value, specialty, non-commodity building materials. Novo's product suite includes molding and millwork, stair systems, decorative boards and doors which are complementary to HDI’s products.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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