North Pacific Group
Unnamed Buyout Firm Buys North Pacific Group
(8.7.2009) I am actually writing from Portland right now, so this story caught my eye especially. The third largest private company in Oregon has signed a letter of intent to sell its stock to an undisclosed private equity firm.North Pacific Group is a distributor of wood and building products based in Tigard (just south of Portland). Oregon has the second-highest unemployment rate and the struggling timber market could be the reason North Pacific Group has agreed to the private equity firm's acquisition.
If you'd like to read the letter of intent, see this link.“After a thorough review of our strategic alternatives, the company believes the proposed acquisition better positions North Pacific as a leading wholesale distributor within North America,” said CEO and President Jay Ross in a statement.
Attempts to reach North Pacific officials for more information were unsuccessful, though the company may be struggling with a downturn in the state timber market.
Last week, the state Department of Forestry said Oregon's timber harvest could set a record low this year. State officials project a 2009 harvest of around 3 billion board feet, compared to last year's 3.44 billion board feet. State officials blamed the decline on the tepid housing market.
North Pacific, founded in 1948, moved from Portland to Tigard in 2005. Ross has been CEO since 2003. Source
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Link to This Resource: North Pacific Group
http://privateequityblogger.com/2009/08/north-pacific-group.html