UFP Global acquires controlling interest in Palets Suller Group for about $52M

UFP Global Holdings, a subsidiary of UFP Industries has acquired 80% of the equity in a newly formed company, UFP Palets y Embalajes SL, for approximately $52M. UFP Palets is comprised of the former pallet manufacturing operations of Palets Suller SL, Serreria y Palets Chiva SL and Drevex Castellon SL, collectively known as Palets Suller Group. The company had trailing 12-month sales of approximately $38M through August 2023. Headquartered in Castellon, Spain, Palets Suller is the market leader in machine-built wood pallets, serving the region’s ceramic tile industry as well as other industries. Spain is one of the largest ceramic tile manufacturing export markets in the world. Founder and CEO Samuel Suller Oliver will retain a 20 percent stake in the company and continue as executive director, managing the day-to-day operations. He will be joined by UFP veteran Alex Kladt, who will work with the Palets Suller leadership team to scale the business and achieve operating synergies. “Palets Suller provides a strong foundation to expand into Spain and grow our value-added packaging business in Europe,” said Dick McBride, UFP Global’s executive vice president. “Samuel and his experienced team have built an impressive and efficient business, and we look forward to learning from them and helping them expand into new markets. This is another step in our goal to be the preferred global packaging solutions provider.”