Growing its production capabilities in the East, Olympic Forest Products, headquartered in Cleveland, has acquired Jacob A Weaver Co., a family-owned manufacturer and distributor of pallets and other wood manufactured products. Ankura Capital Advisors, LLC served as the exclusive financial advisors to Jacob A Weaver in this transaction. Details of the transaction were not disclosed.
The deal was brokered late last year and includes the Cochranton, Pennsylvania plant. Established in 1994, Jacob A Weaver provides sustainable pallet solutions to common pallet design and pallet procurement challenges.
The founder and owner of the company, Jacob A Weaver, said that the new owners are capable of moving the operations forward for the next 30 years. Jacob A Weaver stated, “Finding a partner who would take care of the business and respect our unique workforce and culture was of the utmost importance. The existing management team will remain in place and continue to lead the company forward, and I am excited to see it continue to grow under the ownership of Olympic Forest Products.”
Olympic Forest Products, founded in 1981, is an industry leader in providing pallets and pallet management services and is located in Cleveland, Ohio. The purchase of Jacob A Weaver Company further expands Olympics manufacturing operations and allows it to service its national client base with even greater efficiency.
“The Weaver name is one which has been around the pallet industry almost since its inception, so we will be sure to do well by Jacob,” said Dan Andrews, CEO and owner of Olympic Forest. “We are humbled to take on the stewardship of this great company and ensure the Weaver name continues to be revered. Many thanks to the Ankura Capital Advisors team; this is our second transaction with the team, and we are pleased with how smooth and efficient they are in running their processes. This transaction is the largest we’ve undertaken but will, no doubt, be a foundation of our business for years to come.”
Kathleen Lauster, senior managing director of Ankura Capital Advisors, spoke about the recent market fluctuations in the sector. She commented, “The wood products market has been through a topsy turvy couple of years but our expertise in working with family-led businesses in this sector allowed for a great outcome and we are pleased to find the company a home with a new owner who will only serve to grow the business while maintaining its unique company culture.”
In addition to Jacob A Weaver Co., Olympic also bought Willis E. Sommers Co, owned by Willis E. Sommers and a major subcontractor of Jacob A Weaver Company since 2000. The transaction included all real estate, machinery and equipment of both businesses. For more information on Olympic, visit http://www.olyforest.com/.
