Posted on 04/07/2021
On April 5, 2021, Platinum Fairness agreed to purchase Cabinetworks, an Ann Arbor, Michigan-based maker of kitchen and bathtub cupboards, from American Industrial Companions, and GIC Personal Restricted, and different fairness holders. Cabinetworks claims to be the most important independently-owned producer and distributor of kitchen and bathtub cupboards in the USA underneath the nation’s manufacturers, together with: KraftMaid, Medallion, Sensible, Merillat, Yorktowne, Echelon, Advanta, Studio Full Entry, Grasp WoodCraft, and Cupboards 2000. Cabinetworks produces each framed and frameless cabinetry, working out of 14 meeting crops and three part amenities, and serves prospects by a multi-channel method together with gross sales to sellers, dwelling facilities and distributors throughout the USA.
In response to the press launch, “Different firms that Platinum Fairness beforehand invested in inside the constructing merchandise ecosystem embrace Inside Logic Group, the most important nationwide supplier of inside design and end options for the homebuilding business, and PrimeSource, a nationwide distributor of specialty constructing supplies together with fasteners serving the new-construction and reworking markets.”
The transaction is topic to customary closing situations and is predicted to shut within the second quarter of 2021. Citi served as sole M&A advisor to Platinum Fairness. Kirkland & Ellis LLP is serving as authorized advisor to Platinum Fairness. BofA Securities will lead the debt financing for Platinum Fairness and Cabinetworks.
BofA Securities and Barclays served as monetary advisors to Cabinetworks. Ropes & Grey LLP is serving as authorized advisor to American Industrial Companions.