Another change of ownership at Cabinetworks Group

16.04.2021 − 

Private equity company American Industrial Partners (AIP) is to sell The Cabinetworks Group to Platinum Equity. The Cabinetworks Group ensues from the renaming of ACProducts (acpi) in April 2020. Both companies announced the signing of a binding sale agreement on 5 April. The transaction - which also includes transfer of the Cabinetworks shares held by state holding company GIC Private and other minority shareholders - is expected to be concluded before the end of the second quarter, following the granting of all necessary approvals. Platinum Equity intends to handle the acquisition via the buy-out investment funds Platinum Equity Capital Partners V and Platinum Equity Small Cap Fund, which hold investment volumes of approximately US$10bn and US$1.5bn respectively.

According to its own estimation, The Cabinetworks Group is the second largest independent manufacturer of kitchen and bathroom furniture in the USA, with meanwhile 17 production locations and 19 brands. The predecessor company ACProducts was formed from the sale of the kitchen division of former Armstrong World Industries to AIP, which was completed in October 2012.

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