Hardwoods Distribution Inc. says it has entered into an agreement to purchase the assets of Frank Paxton Lumber Co., a U.S. distributor of hardwoods, millwork and panel products, for $13 million.
The sale is expected to close by Sept. 19.
“The acquisition of the Frank Paxton Lumber Company is an excellent fit with our market expansion strategies, and will add some $45 million annually in profitable sales to our business,” Hardwoods Distribution president and CEO Lance Blanco said in a statement.
“Paxton’s expertise in architectural millwork provides it with a strong base of customers in commercial and institutional markets, a segment where Hardwoods intends to grow. We believe the expertise that Hardwoods brings in import products can also offer positive benefits to Paxton’s customer base.”
Paxton serves its customers from five branches located in Chicago; Cincinnati; Denver; Kansas City, Mo., and San Antonio.