Masonite International Corporation has completed the acquisition of Fleetwood Aluminum Products, LLC ("Fleetwood") for $285 million in cash. Fleetwood is a respected designer and manufacturer of premium aluminum-framed glass door and window solutions for luxury homes.
Fleetwood's product offerings include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors, and folding glass door wall systems, as well as premium window products. Known for their high-quality and customizable designs, Fleetwood emphasizes modern aesthetics, functional hardware, and precision locking and rolling systems.
Howard Heckes, President and CEO of Masonite, expressed confidence in the acquisition, highlighting Fleetwood's reputation for product excellence and modern designs for luxury residential applications. "This is the second acquisition we have completed in 2023 as part of our Doors That Do More strategy to expand our product portfolio and address new and non-traditional segments of the market with innovative and differentiated door systems.”
Founded in 1961 and headquartered in Corona, California, Fleetwood operates a 200,000 sq. ft. manufacturing facility with approximately 350 employees. The company distributes its products through a network of over 200 exclusive dealers, serving homeowners across North America.
Fleetwood is expected to contribute approximately $150 million in incremental revenue to Masonite in 2024. The purchase price, net of expected tax benefits, was funded through a combination of cash on hand and borrowings under Masonite's ABL credit facility, reflecting approximately 7 times Fleetwood's anticipated 2024 EBITDA.
Masonite plans to operate Fleetwood as an independent business unit within its North American Residential business segment. Further details about the acquisition will be discussed during Masonite's third-quarter corporate earnings conference call on November 8, 2023, at 9:00 am Eastern Time.
With this acquisition, Masonite strengthens its position in the luxury residential door market, demonstrating its commitment to providing quality door solutions for homeowners.