ESOP Companies Join Forces
Parksite Inc. said it is acquiring Atlantic Plywood Corp., a distributor of industrial wood products and accessories in the Northeastern US. Both Parksite and Atlantic Plywood are employee-owned (ESOP) organizations.
"We're combining two companies, with outstanding operations in the Northeast, who've operated alongside each other in adjacent product categories. Creating one company to deliver product solutions from industrial wood products, to premium surfacing materials, to specialty building materials, throughout the entire Northeast will provide our customers an unmatched resource in the market," said Parksite CEO Ron Heitzman.
Atlantic Plywood, headquartered in Woburn, Massachusetts, will operate as a wholly-owned subsidiary of Parksite.
"This is a unique opportunity to meld two ESOP Companies together with a shared vision of delivering exceptional service and drive value to all our customers, suppliers our shareholder's," Heitzman said. "Because Parksite is also an ESOP was key in our decision-making process," said Atlantic Plywood President Paul Vella. "Atlantic Plywood and Parksite are in the same industry, with adjacent categories, so combined with the tremendous culture an ESOP provides for the employee-owners of both organizations, the opportunity for industry crossover will be very intriguing in the future," he said.
Parksite's objective is grow significantly faster than the market and acquisitions are important piece of the growth strategy. The company, founded in 1971 by John Morrisroe and Ray Biggins, began an acquisition path in May 2000, with the purchase of Plunkett-Webster Inc., an east coast based wholesale distribution company specializing in building products, followed by the 2001 acquisition of Metro Sloan Distribution, Pittsford, New York. In May of 2005, Parksite acquired Eastern Distributors Inc., a Philadelphia based building materials distributor, in 2010 purchased the DuPont Surfaces business assets of L.E. Smith Co. in Ohio and in August of 2015, purchased Lavelle Company, a North Dakota-based building material wholesaler. Through acquisition, the company dates back to 1915.