Private equity firm Platinum Equity will acquire PrimeSource Building Products, announced PrimSource parent company ITOCHU in a March 27 press release. The deal, which has not yet been completed, is expected to be finalized later in the second quarter of this year.
With the growth of the housing market in the United States, the valuation of PrimeSource has increased in recent years. ITOCHU began publicly seeking a buyer in November of 2014, and recent estimates of the deal place the value of PrimeSource at above $800 million.
PrimeSource is the largest distributor of screws and nails in the United States and has 42 distribution centers and 1,200 employees in the U.S. Platinum Equity is a California based private equity firm.