HOUSTON, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS)  today announced that UFP Industries, Inc. has closed on its agreement to purchase of 100% of the equity of PalletOne, Inc. for approximately $232 million. The price assumes a cash free, debt free balance sheet. UFP also agreed to pay $21 million for PalletOne’s recent capital expenditures.

In October 2001, Equus made its initial investment in PalletOne and was one of two institutional funds to finance the creation of PalletOne from certain of the remnants of a former pallet manufacturing conglomerate. PalletOne has since risen to become one of the largest wooden pallet manufacturers in the United States and a major regional supplier of treated wood to retail lumber outlets and home improvement stores in the Southeastern U.S. In recent years, Equus has worked closely with the management team and board of PalletOne to facilitate a sale, and the acquisition of PalletOne by UFP is a culmination of these efforts.