Livingstone advises the shareholders of Palets Suller and Serrería y Pallets Chiva on the sale of the group’s activities to UFP Industries
Livingstone’s Industrial team is pleased to announce that a majority stake in the combined group of Palets Suller and Serrería y Pallets Chiva (now UFP Palets y Embalajes, S.L.), has been acquired by UFP Industries. The Spanish manufacturer of wooden pallets, boxes and crates with a focus on the ceramic tile industry thus becomes part of the American multinational.
Founded in 1955, UFP Industries is a listed company headquartered in Grand Rapids, Michigan (USA), with operations in North America, Europe, Asia, and Australia. The acquisition marks UFP Industries’ first foray into the Spanish packaging industry. UFP Industries is specialized in the manufacture, distribution, and sale of a wide range of value-added products used in residential and commercial construction, packaging, and other industrial applications worldwide.
Headquartered in Vilafamés, Castellón, Spain, the combined group Palets Suller and Serrería y Pallets Chiva is the Spanish market leader in manufacturing standard and tailored wooden pallets for ceramic groups in the Castellon area, one of the largest ceramic tile clusters in the world. Founder and CEO Samuel Suller will retain a minority stake in the company and continue as executive director, managing the day-to-day operations.
“We are committed to becoming the leading packaging solutions provider in the world, and Palets Suller, together with Serrería y Pallets Chiva, provides UFP Industries with a strong foundation to expand into Spain and grow our value-added packaging business in Europe,” said Dick McBride, UFP’s Executive Vice President of International Operations. “Samuel and his team have built an impressive and efficient business with an experienced staff, and we look forward to learning from them and helping them expand into new markets.”
“We are excited to join the UFP Industries family of companies and eager to pursue the new business opportunities this combination will bring to us,” said Samuel Suller, owner, and manager at Palets Suller. “We’re pleased for our people, who will have new opportunities for growth and the rewards that come with being part of a large, successful multinational company. And we’re excited for our customers because we will be able to offer the same quality products and level of service they’ve come to expect, while adding new products and support from the capabilities of other UFP companies.”
Jorge Tuñí, partner at Livingstone, added: “Working with Samuel and his team has been a very rewarding experience. Palets Suller (now UFP Palets y Embalajes) is a fantastic business, and we are delighted that the buyer is one of the world’s leading companies in the packaging industry. Having built a market leader in the ceramic tile niche industry, Samuel realized that incorporating a strategic investor would ensure the continuity of his company’s growth. We would also like to highlight the professional and proactive attitude shown by the UFP team during the sale process. At Livingstone, we wish both parties, Samuel and UFP, a lot of success in their new future together.”
This deal represents a new credential for the Livingstone Partners’ Industrial team, adding a new transaction in Spain, and more specifically in the Valencian Region.
