Glenbrook Building Supply, Inc. and Star Equity Holdings, Inc. entered into an asset purchase agreement to acquire Lumberyard, showroom facility and certain related assets from Big Lake Lumber, Inc. for $3.3 million.

Glenbrook Building Supply, Inc. and Star Equity Holdings, Inc. (NasdaqGM:STRR) entered into an asset purchase agreement to acquire Lumberyard, showroom facility and certain related assets from Big Lake Lumber, Inc. for $3.3 million on October 31, 2023. The Purchase Price is subject to certain post-closing adjustments including an earn-out provision and a hold back to satisfy certain indemnification obligations of Glenbrook under the Purchase Agreement. The earn-out provision is based on a specific gross profit threshold with a measurement period of two years to begin one year after the Closing Date.

If the threshold is met, an earn-out payment may be remitted to BLL. The Purchase Agreement contains representations, warranties and covenants of Glenbrook that are customary for a transaction of this nature. The Purchase Agreement also contains indemnification obligations of the parties thereto.