US timber giant agrees to acquire UK timber agency18 February 2019
US-based International Forest Products LLC (IFP) has announced an agreement to acquire Price and Pierce Forest Products Ltd, one of the oldest timber agencies in the UK.
IFP made an announcement on February 15 about its agreement to acquire all of the equity of Woking-based Price and Pierce Forest Products Ltd subject to due diligence.
Price and Pierce, which is celebrating its 150th anniversary this year, distributes timber and panel products, providing just in time service for UK merchants and retail groups.
The company also has a strong role in the marketing of timber, plywood and panel products from many countries including Russia, Latvia, Scandinavia, Germany, Belgium, Canada and Chile.
Price and Pierce will operate as a division of IFP with the present management team remaining in place under the leadership of Stephen Pitt.
“We are excited about the acquisition of Price and Pierce and the addition of their team to the IFP family,” said Daniel Kraft, president and CEO of IFP.
“This is another step in the further development of IFP’s Solid Wood Division and will provide new opportunity for future growth.”
“Being a part of IFP will give future certainty to the excellent employees of Price and Pierce and offer great opportunities for them as the Company approaches its 150 year anniversary,” said Stephen Pitt, president of Price and Piece added.