Riverhead Building Supply’s latest expansion will see the company acquire the assets of United Builders Supply, a Rhode Island-based lumber and building materials business.
Michael Slosberg, the president of UBS, plans to retire after more than 50 years in the business, according to an announcement from the two companies.
Riverhead Building Supply, which has locations across Long Island and in Rhode Island, will use the acquisition to improve service to “the high-end, quality-oriented customers” in areas of Rhode Island and Connecticut.
“UBS is a strong, diversified company,” said John Callahan, the president of Riverhead Building Supply, in a statement. “They are respected in the industry and strive to maintain good relationships with their customers. We are excited to be entering into the hardscape arena with this acquisition and recognize the expertise UBS brings to the table.”
The deal is expected to close in the next 60 days.
UBS has four locations as a full-service lumber and building materials dealer in Rhode Island and Connecticut.
In early 2016, Riverhead Building Supply expanded to Long Island’s north shore by acquiring assets of two existing lumber companies to establish locations in Locust Valley, Huntington and Port Jefferson. There are 14 total locations, including the manufacturing & millwork facility at Enterprise Park at Calverton.
Riverhead Building Supply was founded in 1948 by Harold Goodale, Jesse Goodale II and their uncle, Peter Ketcham, on Ostrander Avenue. Its first expansion into Rhode Island was about eight years ago.