Masonite finalizes Endura acquisition
Masonite International Corporation reported that it has completed its acquisition of Endura Products.
“We are excited to complete the acquisition of Endura and add their high-performance door frames and door system components to our product portfolio,” said Howard Heckes, Masonite president and CEO. “The combination of our two companies is a natural fit, and we are eager to leverage the combined organization to develop innovative new door solutions that accelerate our Doors That Do More strategy and maximize our growth potential. We are thrilled to welcome the Endura team to the Masonite family.”
The acquisition purchase price was funded using proceeds from the Company's recently announced $250 million senior secured term loan as well as a combination of borrowings on its asset-based revolving credit facility and cash on hand.
Wachtell, Lipton, Rosen & Katz is serving as legal counsel for Masonite in connection with the transaction and Simpson Thacher & Bartlett LLP is serving as financing counsel for Masonite.
The Tampa, Fla.-based door and door systems manufacturer announced in November of last year that it was acquiring Endura, a manufacturer of high-performance door frames and door system components.
The deal called for Masonite to pay approximately $375 million in cash, subject to customary closing adjustments and regulatory approval.
Founded in 1954, Endura has been a family-owned business for three generations. The company employs approximately 800 people across four facilities located in North Carolina, Texas, and Oregon.
Endura products are sold to distributors located throughout the United States and Canada, as well as direct to OEMs and online.
Endura’s net sales for the 12 months ended September 2022 were approximately $270 million representing a compound annual growth rate of 17% since 2019.
