Anthony Forest Products Co. of El Dorado, one of the largest private companies in Arkansas, is being sold to publicly traded Canfor Corp. of Vancouver for $93.5 million, the two companies announced late Monday afternoon.
The transaction is expected to close in the fourth quarter.
Anthony Forest Products ranked No. 67 on Arkansas Business' most recent list of the state's largest private companies with self-reported revenue of $123.25 million in the fiscal year that ended in April 2014.
The company has 277 employees, 208 of which are in Arkansas.
In a news release announcing the deal, the companies put Anthony Forest Products's trailing 12-month EBITDA through August at about $16 million; EBITDA for its most recent fiscal year ended April 30 was about $19 million.
"We are truly excited about this partnership with Canfor, a progressive leader in our industry. It is a good and comfortable fit," Aubra Anthony, president and CEO of Anthony Forest Products, said in the news release.
Anthony Forest Products is not affiliated with Anthony Timberlands of Bearden, also one of the state's largest private companies.
Canfor is buying five manufacturing facilities — two in El Dorado and one each in Georgia, Texas and Louisiana — and Anthony's half-interest in an I-joist plant in Sault Ste. Marie, Ontario.
Anthony will retain its management, sales and manufacturing employees, but will become part of Canfor's Southern forest products business. Canfor has been a supplier for Anthony's glued laminated timber plants for more than 10 years, according to the news release.
"We are proud to add Anthony Forest Products Company to our family of Canfor Operations in the U.S. South," Canfor President and CEO Don Kayne said in the release. "Anthony Forest Products has a reputation for high quality products and excellent customer service, and with facilities located in abundant and high quality fiber supply areas in Arkansas, Louisiana, and Georgia, this partnership adds exceptional value to our growing US South presence."
Raymond James acted Anthony Forest Products' financial adviser in the deal.