12:35 PM EDT, 10/01/2024 (MT Newswires) -- Doman Building Materials Group ( CWXZF ) on Tuesday said it acquired South Carolina-based CM Tucker Lumber Companies for US$255 million in cash.

The transaction, completed today, is being funded from Doman's existing cash on hand and revolving credit facilities.

Tucker Lumber's operations are highly complementary to Doman's U.S. Central and West Coast operations without overlap. The transaction will be immediately accretive and will expand Doman's product suite to include new offerings, the statement added.

"The transaction is a great complement to our existing U.S. operations while further advancing our growth strategy, developing a leadership position and expanding our footprint into ten previously unserved States," chief executive Amar Doman said in the release.

Doman shares were last seen up $0.09 to $7.76, on the Toronto Stock Exchange.

Price: 7.76, Change: +0.09, Percent Change: +1.17