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acpi to buy Masco’s kitchen furniture operations

02.12.2019 − 

ACProducts (‘acpi’), controlled by American Industrial Partners (AIP), has been given the green light to acquire the Cabinetry Products division from Masco. This step wrapped up a process that has been under way since June. The two companies signed a binding sales agreement towards the middle of November. The purchase price was set at approximately US$1.0bn - a cash payment of about US$850m and new shares with a total volume of some US$150m. The transaction, which is subject to standard closing conditions including anti-trust approval, is expected to be completed by the end of the first quarter of 2020. After putting pen to paper, Masco will consolidate the Cabinetry Products division as a non-continuing operation in the fourth quarter and in 2019 as a whole. Masco Cabinetry includes the kitchen furniture producer Masco Cabinetry with its Merillat, KraftMaid, Cardell and Quality Cabinets brands. Operating a total of seven kitchen furniture plants, the company generated revenues of US$950m and operating profits of US$86m in the 2018 financial year. The division booked revenues of US$488m and operating profits of US$53m for the first half. Adjusted EBITDA, which was not listed in the 2018 financial report, jumped to US$63m in the first six months of this year.

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