MasterBrand Completes Acquisition of Supreme Cabinetry Brands
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Enhances MasterBrand’s portfolio of premium cabinetry and unlocks meaningful value for shareholders and customers
MasterBrand, Inc. (the “Company,” or “MasterBrand”), through its subsidiary MasterBrand Cabinets LLC, announced that it has completed its acquisition of Supreme Cabinetry Brands, Inc. (“Supreme”), a highly regarded cabinetry company, from GHK Capital Partners LP (“GHK”) for $520 million in cash.
“Today is an important day as Supreme joins MasterBrand,” said Dave Banyard, President and Chief Executive Officer of MasterBrand. “The completion of this acquisition marks a major milestone, positioning MasterBrand to offer an unmatched breadth of offerings and enhanced service to even more customers and consumers. As one team, we will build on our shared legacy of innovative product leadership, superior customer service and continuous improvement to drive significant value for all our stakeholders. We warmly welcome the talented team at Supreme and look ahead with excitement to our continued journey of growth and innovation, as we advance our purpose of Building Great Experiences Together.”
The combined company will reach more customers, through its highly complementary dealer networks, with greater efficiency and effectiveness. Through this transaction, MasterBrand will broaden its portfolio of premium cabinetry in the resilient and attractive kitchen and bath categories, further diversify its channel distribution and add to its strategically located facility footprint. The acquisition is expected to deliver annual run-rate cost synergies of $28 million by the end of year three. These will come from areas including procurement, facility optimization, and overhead expenses. In addition to the cost synergies, MasterBrand anticipates commercial synergies across the companies’ complementary channels and product lines. The acquisition is expected to be accretive to adjusted diluted earnings per share1 within the first full year after closing.
About MasterBrand
MasterBrand, Inc. (NYSE: MBC) is the largest manufacturer of residential cabinets in North America and offers a comprehensive portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home. MasterBrand products are available in a wide variety of designs, finishes and styles and span the most attractive categories of the cabinets market: stock, semi-custom and premium cabinetry. These products are delivered through an industry-leading distribution network of over 4,400 dealers, major retailers and builders. MasterBrand employs over 12,000 associates across more than 20 manufacturing facilities and offices. Additional information can be found at www.masterbrand.com.
Source: Masterbrand, Inc