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Corporation announces acquisition of Fleetwood
Masonite International Corporation announced Oct. 19 that its U.S. subsidiary has acquired Fleetwood Aluminum Products, LLC, for $285 million in cash.
Fleetwood is a designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. Their products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors, and folding glass door wall systems, as well as accompanying premium window products. The company¡¯s exceptionally high-quality product offerings are fully customizable and feature modern designs, sleek hardware, and precision locking and rolling systems. Supporting their focus on innovation, Fleetwood has extensive in-house design, engineering and testing capabilities and holds several patents and trademarks for products with energy-saving and weather-resistant features.
¡°Fleetwood has an outstanding reputation for product leadership, manufacturing excellence and modern designs for luxury residential applications,¡± said Howard Heckes, President and CEO of Masonite. ¡°Their stunning door and window systems create a blend of indoor/outdoor living, showcasing natural light, style, security and energy efficiency, while adding exceptional beauty and flexibility to the home. Our companies share a common focus on improving life and living for homeowners, and we are thrilled to welcome the Fleetwood employees and partners into the Masonite family. This is the second acquisition we have completed in 2023 as part of our Doors That Do MoreTM strategy to expand our product portfolio and address new and non-traditional segments of the market with innovative and differentiated door systems.¡±
A family-owned business since 1961, Fleetwood is headquartered in Corona, CA, and operates a 200,000 sq. ft. manufacturing facility with approximately 350 total employees. Fleetwood products are sold through a network of over 200 exclusive dealers that partner with homebuilders and architects to offer their industry-leading products to homeowners throughout North America. Additional information about Fleetwood can be found at www.fleetwoodusa.com.
Fleetwood is expected to contribute approximately $150 million of incremental full-year revenue to Masonite in 2024. Net of expected tax benefits attributable to the acquisition, the purchase price would equate to approximately $255 million, equivalent to approximately 7 times Fleetwood¡¯s anticipated 2024 EBITDA. The transaction was funded with a combination of cash on hand and borrowings under Masonite¡¯s ABL credit facility.