Masonite acquires Fleetwood Aluminum Products
Masonite announced that its U.S. subsidiary has acquired Fleetwood Aluminum Products, LLC for $285 million in cash.
Fleetwood is a designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. The Corona, California-based manufacturer’s products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors, and folding glass door wall systems, as well as accompanying premium window products.
Additionally, Masonite said that Fleetwood hosts extensive in-house design, engineering and testing capabilities and holds several patents and trademarks for products with energy-saving and weather-resistant features.
“Fleetwood has an outstanding reputation for product leadership, manufacturing excellence and modern designs for luxury residential applications,” said Howard Heckes, president and CEO of Masonite. “Their stunning door and window systems create a blend of indoor/outdoor living, showcasing natural light, style, security and energy efficiency, while adding exceptional beauty and flexibility to the home.”
A family-owned business since 1961, Fleetwood operates a 200,000-square-foot manufacturing facility with approximately 350 total employees. Fleetwood products are sold through a network of over 200 exclusive dealers that partner with homebuilders and architects to offer their industry-leading products to homeowners throughout North America.
Masonite said that Fleetwood is expected to contribute approximately $150 million of incremental full-year revenue to Masonite in 2024. The transaction was funded with a combination of cash on hand and borrowings under Masonite’s ABL credit facility.
“Our companies share a common focus on improving life and living for homeowners, and we are thrilled to welcome the Fleetwood employees and partners into the Masonite family,” Heckes said. “This is the second acquisition we have completed in 2023 as part of our Doors That Do More strategy to expand our product portfolio and address new and non-traditional segments of the market with innovative and differentiated door systems.”
Masonite also said it plans to operate Fleetwood as an independent business unit within its North American Residential business segment.
With headquarters in Tampa, Florida, Masonite International Corporation is a global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets.
