Masonite subsidiary acquires Fleetwood for $285M in cash

Masonite announced that its U.S. subsidiary has acquired Fleetwood Aluminum Products, LLC, for $285M in cash. “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.” Fleetwood is expected to contribute approximately $150M 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 $255M, 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. Masonite plans to operate Fleetwood as an independent business unit within its North American Residential business segment.