Masco makes a billion-dollar deal
Masco Corporation agreed to sell Masco Cabinetry to ACProducts, Inc., a manufacturer of cabinetry products owned by American Industrial Partners, for $1.0 billion. The deal consists of $850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of $150 million.
The closing of the sale is expected to occur during the first quarter of 2020.
Masco Cabinetry manufactures three nationally recognized cabinetry brands, KraftMaid, Merillat and QualityCabinets.
ACPI manufactures and distributes kitchen and bath cabinets throughout the United States under the Echelon Cabinetry and Advanta Cabinets brand names. Echelon was developed for home builders, dealers and remodelers; Advanta, for the multifamily and commercial markets. The company is headquartered in The Colony, Texas, with manufacturing operations in Thompsontown, Pa.
The closing of the sale is expected to occur during the first quarter of 2020.
Masco Cabinetry manufactures three nationally recognized cabinetry brands, KraftMaid, Merillat and QualityCabinets.
ACPI manufactures and distributes kitchen and bath cabinets throughout the United States under the Echelon Cabinetry and Advanta Cabinets brand names. Echelon was developed for home builders, dealers and remodelers; Advanta, for the multifamily and commercial markets. The company is headquartered in The Colony, Texas, with manufacturing operations in Thompsontown, Pa.