USA – ACProducts, Inc. (acpi®) completed on February 18 the acquisition of Masco Cabinetry.
The two companies have come together to form Cabinetworks Group, a new national leader in kitchen and bath cabinetry. The deal announced on November 15 of last year was for USD 850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of USD 150 million.
The creation of Cabinetworks Group results in a bigger, stronger organization that is now the second largest and one of the fastest growing cabinet companies in the U.S. With a diverse and balanced portfolio of cabinetry brands in the industry, spanning the full spectrum of framed and frameless products the new formed Cabinetworks can reach every consumer and every price point.
Former Masco Cabinetry CEO, Joe Gross, has been appointed CEO of Cabinetworks. “We are proud to be in the kitchen cabinet business and are humbled to serve great customers and work with the talented and passionate people in our organization,” states Mr. Gross. “Our business is 100% focused on building best- in-class cabinetry and providing excellent service for a diverse set of customers and channels. We could not have asked for a better partner in this transaction than acpi.”
Speaking on the strategic partnership, former acpi President and newly appointed Cabinetworks’ President and Chief Revenue Officer, Larry Denbrock, commented: “We are excited to bring together two great businesses in forming Cabinetworks. Cabinetworks will be wholly focused on delivering high-quality cabinetry and peace of mind for our customers.”
Cabinetworks is home to 19 brands, including Advanta®, Cabinets 2000, Cardell®, DesignCraft®, Echelon®, KraftMaid®, Master WoodCraftTM, MasterCraftTM, Medallion®, Merillat®, ModicoTM, QualityCabinetsTM, Schuler®, SerenadeTM, Smart®, Studio Full AccessTM, and Yorktowne®. Headquartered in Ann Arbor, Michigan, Cabinetworks has manufacturing facilities and service centers strategically located through the United States.