Platinum Equity has entered into a definitive agreement to acquire The Cabinetworks Group from American Industrial Partners, GIC and other equity holders.
Jacob Kotzubei, a partner at Platinum Equity, said, “Cabinetworks has a comprehensive portfolio of highly-respected, fast-growing brands, a strong leadership team and a proven track record for growth. The company’s leading position in the cabinets space, combined with Platinum Equity’s operational toolkit and M&A resources, make Cabinetworks a great fit for our portfolio.”
Joe Gross, chief executive officer of Cabinetworks, commented, “This transaction is another important milestone of success for our Cabinetworks team. I would like to thank all our 8,000 employees for the work that you do every day. 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.”
Rick Hoffman, a partner at American Industrial Partners, added, “We have been honored to work with a best-in-class management team and a remarkable and dedicated workforce across the United States to build an industry-leading kitchen and bath cabinetry business. We are proud of what Cabinetworks has accomplished during our partnership over the last eight years and believe the company is now positioned for still greater success in the years to come.”
Citi served as sole M&A advisor to Platinum Equity. Kirkland & Ellis LLP is serving as legal advisor to Platinum Equity. BofA Securities will lead the debt financing for Platinum Equity and Cabinetworks. BofA Securities and Barclays served as financial advisors to Cabinetworks. Ropes & Gray LLP is serving as legal advisor to American Industrial Partners.