Quest Has Been Acquired by UFP Industries
HOUSTON, March 23, 2020 -- GulfStar Group ("GulfStar") is pleased to announce the acquisition of the operating assets of Quest Design & Fabrication, LLC and Quest Architectural Millwork, LLC (collectively known as "Quest" or the "Company") by an affiliate of Universal Forest Products, Inc. (d/b/a UFP Industries, NASDAQ: UFPI). GulfStar served as the exclusive financial advisor to Quest throughout the transaction, which closed on March 13, 2020.
Based near Houston, Texas, Quest specializes in designing, fabricating and installing premium millwork and case goods for a variety of commercial uses, including builders' sales centers, design studios, hospitality, corporate offices and healthcare. The Company had approximately $22 million in sales in 2019. Jon Deutser, president and CEO of Quest, will continue to run the Company.
"We are very excited to join the UFPI family of companies," said Jon. "We share multiple customers, and UFPI's national footprint will help us grow quickly and allow us to better serve existing customers. I am also truly grateful for having Colt and his team at GulfStar as my investment bankers. They are true professionals! Their tireless dedication, responsiveness, and experience made this transaction possible. My staff and I will miss interacting with Colt and his team, as they became part of the Quest family during this process."
UFPI is a holding company whose subsidiaries supply wood, wood composite and other products to three robust markets: retail, construction and industrial. Founded in 1955, UFPI is headquartered in Grand Rapids, Michigan, with affiliates throughout North America, Europe, Asia and Australia.
"We are grateful for the opportunity to work with Quest on this important transaction," said Colt Luedde, managing director of GulfStar. "Quest's focus on superior design capabilities, quality craftsmanship and nationwide project execution of premium products, strategic growth in its market and strong commitment to customer service, made this a highly attractive acquisition for UFPI, particularly its commercial construction business. We wish both parties continued success in this new partnership."
The GulfStar team was led by Managing Director Colt Luedde along with Vice President Charlie Craig, Associates Jon Sanfelippo and Sarah Wilson, and Analyst MG Jadick. Bill Boyar, Adebola Akisanya, Travis Johnson and Corinne Sullins of BoyarMiller provided legal counsel to Quest.
For more information, please email email@example.com or call 713-300-2015.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 700 assignments in 35 states and 16 foreign countries across a variety of industries.