Mergers and acquisitions
Universal Forest Products, Grand Rapids, Mich., through a subsidiary has acquired an 80 percent interest in Packnet Ltd., Eagan. Terms of the transaction were not disclosed. Packnet, a maker of packaging products and related accessories, had about $9 million in revenue in the past year. Universal Forest Products can purchase the remaining 20 percent of Packnet in three years.
![Attendees of Frostbike made their way through the convention Saturday at the Quality Bike Products campus in Minneapolis. ] (AARON LAVINSKY/STAR TRIBUNE) aaron.lavinsky@startribune.com Frostbike 2016 was held at the Quality Bike Products Campus on Saturday, Feb. 27, 2016 in Bloomington, Minn.](https://arc.stimg.co/startribunemedia/NH2BSHB74ND2V6GF2G2HI5X4MM.jpg?&w=252&ar=3:2&fit=crop)
