USA –  MasterBrand, Inc and American Woodmark Corporation, two of the largest kitchen furniture manufacturers in North America, have signed a definitive agreement to merge through an all-stock transaction, creating a combined company with a pro forma equity value of USD 2.4 billion and an enterprise value of USD 3.6 billion, based on the August 5, 2025 closing share price.

Under the agreement, American Woodmark shareholders will receive 5.150 MasterBrand shares for each of their shares, resulting in ownership of approximately 63% by MasterBrand shareholders and 37% by American Woodmark shareholders.

The combined company projects adjusted EBITDA of USD 639 million, including anticipated cost synergies of about USD 90 million by year three.

Executives highlighted the complementary strengths of both companies. Dave Banyard, CEO of MasterBrand, emphasized that the merger will “better position us to serve customers and accelerate strategies.” Scott Culbreth, CEO of American Woodmark, noted it will “enhance offerings while driving shareholder value.”

The transaction, approved unanimously by both boards, is expected to close in early 2026, subject to shareholder and regulatory approval. The new company will operate under the MasterBrand name, headquartered in Beachwood, OH, with a significant presence in Winchester, VA.