Platinum Fairness to Purchase the Cabinetworks Group, a Top Company of Kitchen Cupboards
LOS ANGELES, April 5, 2021 /PRNewswire/ — Platinum Equity currently announced that it has entered into a definitive agreement to receive The Cabinetworks Team (“Cabinetworks”) from American Industrial Companions, GIC and other fairness holders.
Cabinetworks is the biggest independently owned company and distributor of kitchen and tub cupboards in the United States beneath the nation’s major makes, such as: KraftMaid, Medallion, Intelligent, Merillat, Yorktowne, Echelon, Advanta, Studio Whole Access, Grasp WoodCraft, and Cabinets 2000. The enterprise makes both equally framed and frameless cabinetry, running out of 14 assembly crops and three ingredient services, and serves customers as a result of a multi-channel approach together with gross sales to dealers, home facilities and distributors throughout the United States.
Jacob Kotzubei, a Associate at Platinum Equity, said: “Cabinetworks has a thorough portfolio of highly-revered, rapidly-increasing models, a strong management group and a tested track report for development. The company’s leading posture in the cabinets space, merged with Platinum Equity’s operational toolkit and M&A resources, make Cabinetworks a terrific in good shape for our portfolio.”
Todd Golditch, a Handling Director at Platinum Equity, stated: “We are thrilled to partner with CEO Joe Gross and the whole Cabinetworks staff. They have crafted an attractive system and served change the business, and there is also a important amount of money we can do together to continue their history of innovation and develop the organization both organically and by means of added M&A exercise. Platinum Fairness has had a large amount of success in the setting up items sector, we know the marketplace nicely and are energized about the alternatives ahead for Cabinetworks.”
Other corporations that Platinum Fairness beforehand invested in within just the setting up merchandise ecosystem contain Interior Logic Group, the most significant countrywide service provider of interior style and complete alternatives for the homebuilding sector, and PrimeSource, a countrywide distributor of specialty building products together with fasteners serving the new-construction and remodeling markets.
Joe Gross, Main Govt Officer of Cabinetworks, mentioned: “This transaction is one more critical milestone of achievements for our Cabinetworks workforce. I would like to thank all our 8,000 staff members for the work that you do each individual working day. I want all Cabinetworks staff members to fully grasp that this announcement validates what you by now know in your coronary heart: the foreseeable future is limitless for our business when we delight our consumers with products and solutions and support. To our valued consumers, suppliers: Platinum Equity’s expenditure in our company is a fantastic development in the historical past of our corporation. In Platinum Equity, we have a world-course partner as we continue on to develop our organization.”
Rick Hoffman, a Partner at American Industrial Companions, claimed: “We have been honored to operate with a very best-in-course administration team and a amazing and dedicated workforce across the United States to create an marketplace-major kitchen and bath cabinetry enterprise. We are very pleased of what Cabinetworks has attained throughout our partnership more than the last eight a long time and believe that the company is now positioned for continue to better accomplishment in the years to occur.”
The transaction is subject matter to customary closing disorders and is anticipated to close in the next quarter of 2021. Citi served as sole M&A advisor to Platinum Equity. Kirkland & Ellis LLP is serving as authorized advisor to Platinum Equity. BofA Securities will lead the debt funding for Platinum Fairness and Cabinetworks.
BofA Securities and Barclays served as monetary advisors to Cabinetworks. Ropes & Gray LLP is serving as lawful advisor to American Industrial Associates.
About Platinum Fairness
Founded in 1995 by Tom Gores, Platinum Fairness is a world financial commitment company with far more than $25 billion of property below management and a portfolio of approximately 40 functioning organizations that provide buyers close to the entire world. The business is at present investing from Platinum Equity Capital Partners V, a $10 billion international buyout fund, and Platinum Fairness Tiny Cap Fund, a $1.5 billion buyout fund focused on expenditure opportunities in the decreased middle marketplace. Platinum Fairness specializes in mergers, acquisitions and functions – a trademarked tactic it phone calls M&A&O® – getting and running organizations in a wide range of organization marketplaces, which include production, distribution, transportation and logistics, products rental, creating items, media and leisure, engineering, telecommunications and other industries. Above the past 25 many years Platinum Equity has finished additional than 300 acquisitions.
About American Industrial Associates
American Industrial Companions is an operationally oriented personal fairness company that helps make control investments in industrial enterprises serving domestic and global markets. The organization has deep roots in the industrial financial state and has been energetic in non-public equity investing because 1989. To day, American Industrial Partners has accomplished additional than 100 transactions and now has additional than $8 billion of property less than administration on behalf of top pension, endowment, and fiscal establishments. For far more info on American Industrial Associates, stop by www.americanindustrial.com.
About GIC
GIC is a major international financial commitment agency founded in 1981 to deal with Singapore’s foreign reserves. A disciplined prolonged-term worth trader, GIC is uniquely positioned for investments across a broad assortment of asset courses, which include equities, set earnings, private fairness, serious estate and infrastructure. GIC invests by means of resources and right in businesses, partnering with its fund supervisors and management groups to support planet-course firms achieve their goals. GIC has investments in more than 40 international locations all around the planet. Headquartered in Singapore, GIC employs around 1,700 persons across 10 offices in critical money towns around the globe. For more facts about GIC, make sure you check out www.gic.com.sg.
Media Contacts:
Dan Whelan
Platinum Fairness
310.282.9202
[email protected]
Ben DeRosa
American Industrial Associates
212.627.2360 x200
[email protected]
Abundant Wiese
Cabinetworks
734.205.4514
[email protected]
Katy Conrad
GIC
212.856.2407
[email protected]
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