AIP Expands Cabinet Business

ACProducts, a portfolio company of American Industrial Partners, has agreed to acquire Elkay Wood Products Company from privately-held Elkay Manufacturing Company.

Elkay Wood Products (EWP) is a manufacturer of kitchen and bath cabinetry. Company-owned brand names include Medallion, Design-Craft, Yorktowne, Schuler, Medallion at Menards, MasterCraft, and American Cabinetry Collection.

EWP is headquartered in Oak Brook, IL (www.elkay.com/cabinetry).

ACProducts is the largest independent manufacturer and distributor of cabinets in the United States and produces both framed and frameless cabinets and provides design and installation services in all major metropolitan markets in the United States. The company operates under the Echelon Cabinetry, Advanta Cabinets, and Smart Cabinetry brand names. Echelon was developed for home builders, dealers, distributors, and remodelers (www.echeloncabinetry.com); Advanta, for multifamily new and remodel projects (www.advantacabinets.com); and Smart Cabinetry serves the needs of the multifamily, single-family tract, and institutional housing development markets (www.smartcabinetry.com).

ACProducts was formed by American Industrial Partners in October 2012 through the acquisition of the cabinets business of Armstrong World Industries. ACProducts is headquartered in The Colony, TX and has manufacturing operations in Thompsontown, PA; Mount Union, PA; New Paris, IN; Norwalk, CA; Marshall, TX; and Jefferson, TX (www.acpicorp.com).

According to American Industrial Partners, the combination of ACProducts and Elkay Wood Products will create the most diverse and balanced cabinet company in North America. With an expansive portfolio across both framed and frameless product offerings, the combined company will be a leader in serving the dealer, direct-to-builder, and home center channels. The combined plant network spans a national footprint with infrastructure to effectively serve cabinet buyers in all 50 states.

“Elkay Wood Products Company has a long and successful history of serving cabinet dealers, builders and home centers. We are proud to welcome Elkay’s 1,600 team members to the ACProducts family as we grow our fantastic workforce. We are thrilled about the potential this new business combination creates,” said Larry Denbrock, CEO of ACProducts.

American Industrial Partners makes equity and debt investments in North American-headquartered industrial companies that have revenues from $100 million to $750 million. Transaction values are typically less than $500 million. The firm was founded in 1989 and is headquartered in New York (www.americanindustrial.com).

Jefferies was the financial advisor to Elkay Manufacturing Company.

This transaction is expected to be close by March 2019.

© 2018 Private Equity Professional | November 19, 2018

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