Building materials manufacturer M-D Building Products, Inc. will more than double its size with the acquisition of its competitor, South Carolina-based Loxcreen Company Inc.
Oklahoma City-based M-D Building has about 450 employees and annual sales of about $100 million. West Columbia, S.C.-based Loxcreen also has annual sales around $100 million and about 350 employees in the United States and Canada.
The terms of the acquisition were not disclosed on Wednesday. Both of the companies are privately held.
The acquisition will help boost M-D's vertical manufacturing abilities and grow its product line, M-D CEO Loren Plotkin said.
Plotkin is spending time touring some of M-D's manufacturing facilities this week and met with about 250 Loxcreen employees in Missouri on Wednesday.
Loxcreen will give M-D access to the Canadian market, as Loxcreen sells its products at various Canadian retailers, Plotkin said.
“They have a lot of different customers than M-D that will be new customers for us going forward,” Plotkin said. “It gives us a lot broader North American presence, where we had no presence in Canada whatsoever.”
The purchase also includes Loxcreen's Canadian flooring subsidiary Bengard Manufacturing based in Mississauga, Ontario.
MidFirst Bank is helping M-D to finance the Loxcreen acquisition, Plotkin said.