Several investors bid for Masco kitchen furniture activities

18.09.2019 − 

According to Bloomberg business information service, private equity companies involved in the bidding process for the cabinetry products business division of Masco, which has been underway since June, include American Industrial Partners (AIP), Bain Capital, Clearlake Capital Group and WW Grainger. These companies have submitted an offer in what is meanwhile the second round of the bidding process. The offers, according to Bloomberg, are in the region of US$1.2bn.

AIP has been involved in kitchen furniture business since the takeover of the kitchen division of Armstrong World Industries which concluded in October 2012. The activities acquired were subsequently renamed ACProducts Inc. (acpi) and expanded by means of further takeovers. A former member of the Masco management team - senior partner Chris Kastner - works at Bain Capital. From December 2014 until his transfer to Bain Capital in April 2018, Kastner was vice president of the Masco business system division.

The Masco cabinetry business division includes kitchen furniture manufacturer Masco Cabinetry with brands Merillat, KraftMaid, Cardell and Quality Cabinets. In the first half the business division generated turnover of US$488m and operating profit of US$53m. The adjusted EBITDA improved to US$63m.

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