LOS ANGELES — Platinum Equity, a Los Angeles-based global investment firm, has entered into a definitive agreement to acquire The Cabinetworks Group, the largest independently owned manufacturer and distributor of kitchen and bath cabinets in the U.S., the company announced.
Terms of the transaction, which is expected to close in the second quarter of 2021 subject to customary closing conditions, were not divulged.
Cabinetworks, formerly known as the Masco Cabinet Division, consists of KraftMaid, Medallion, Smart, Merillat, Yorktowne, Echelon, Advanta, Studio Full Access, Master WoodCraft and Cabinets 2000. The company produces both framed and frameless cabinetry, operating out of 14 assembly plants and three component facilities, and serves customers through a multi-channel approach, including sales to dealers, home centers and distributors across the U.S.
Other companies that Platinum Equity previously invested in within the building products sector include Interior Logic Group, a major provider of interior design and finish solutions, and PrimeSource, a national distributor of specialty building materials serving the new construction and remodeling markets.
“Cabinetworks has a comprehensive portfolio of highly respected, fast-growing brands, a strong leadership team and a proven track record for growth,” said Jacob Kotzubei, a partner at Platinum Equity. “The company’s leading position in the cabinet space, combined with Platinum Equity’s operational toolkit and M&A resources, make Cabinetworks a great fit for our portfolio.”
“This transaction is another important milestone of success for our Cabinetworks team,” added Joe Gross, CEO of Cabinetworks. “I want all Cabinetworks employees to understand that this announcement validates what you already know in your heart: the future is limitless for our company when we delight our customers with products and service.
“To our valued customers, suppliers: Platinum Equity’s investment in our business is a wonderful development in the history of our company. In Platinum Equity, we have a world-class partner as we continue to grow our business.”
Founded in 1995, Platinum Equity has more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world, according to the company.