Graham Holdings acquiring Hoover Treated Wood Products Inc.
Arlington-based Graham Holdings Co. said Wednesday it plans to acquire Thomson, Ga.-based Hoover Treated Wood Products Inc. The purchase price was not disclosed.
Graham says it has entered into a letter of intent with Hoover, a supplier of lumber and plywood products for fire retardant and preservative applications.
The transaction is expected to close in the second quarter of 2017.
Barry Holden, Hoover’s president, and his management team will continue to run the business.
Hoover operates nine facilities across the country and services a stocking distributor network of over 100 locations in the U.S. and Canada. The company was founded in 1955.
Graham President and CEO Timothy O’Shaughnessy said the acquisition would be part of the company’s strategy of investing in companies with demonstrated earnings potential and strong management.
“We are a diverse group of businesses that share common goals and values but each with its own identity and workplace culture, and with management responsible for its operations,” O’Shaughnessy said in a statement.
Graham companies span several industries including education, media, home health, hospice care and manufacturing. Graham’s businesses include educational services provider Kaplan, Slate magazine, home health-care company Residential Healthcare Group and Joyce/Dayton Corp., a manufacturer of screw jacks, linear actuators and lifting systems.