Universal Forest Products, Inc. (UFPI) announced this week that one of its subsidiaries has acquired an 80% interest in certain assets of Packnet, Ltd., with the ability to purchase the remaining 20% in three years.

The acquisition further expands Universal's industrial business and its manufacturing and design capabilities, the company said.

Packnet designs, manufactures and supplies packaging products and related accessories to provide total packaging solutions to a growing list of customers. Founded in 1987, it had sales of nearly $9 million in the past year. It operates out of a single location in Eagan, Minn. Owner and CEO Mike Nyberg, will stay on at the helm of the operation.

"Mike and his team have built a strong company with a stellar reputation," said Universal CEO Matthew J. Missad. "Their strategy of solving customer problems and challenges with innovative designs and products provides an additional platform for growth with our existing and future customers. We are excited to share ideas and to improve our respective businesses in the years to come."

Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to three robust markets: retail, construction and industrial.