kitchen and bath cabinetry

Kith Kitchens, a portfolio company of Pfingsten Partners, has acquired Mouser Custom Cabinetry, a maker of semi-custom and custom kitchen and bath cabinetry.

Mouser’s framed and frameless cabinets are made from a variety of wood species – including alder, cherry, hickory, maple, red and white oak, and walnut – and are available in a wide range of finishes and door styles.

The Elizabethtown, Kentucky-based company was founded in 1955 and has more than 240 employees and 227,000 square feet of offices, manufacturing, and warehouse facilities.

“Kith is the perfect strategic partner for our business,” said Steve and Keith Mouser, the former owners of Mouser. “The combination with Kith will allow us to better serve our diverse customer base through access to increased resources and product offerings while collaborating to drive manufacturing efficiencies and growth.”

Pfingsten acquired Kith Kitchens, an Alabama-based maker of kitchen and bath cabinetry, in June 2016 as a platform investment for its $382 million fifth fund which closed in March 2016. Kith, led by CEO Mark Smith, makes semi-custom kitchen and bath cabinetry for both the remodeling and new construction markets under the Kith and Eudora brand names. The buy of Mouser, which closed on December 31, 2020, is Kith’s first add-on acquisition under Pfingsten’s ownership.

“We are excited to add Mouser to the Kith platform,” said Mr. Smith. “Mouser’s outstanding reputation and extensive product portfolio of premium kitchen and bath cabinets will be highly complementary to Kith. The combined business will offer its customers high-quality products in a variety of price points, customization options and materials.”

Chicago-based Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 142 such companies through five funds with total commitments of $1.3 billion.

© 2021 Private Equity Professional | January 14, 2021

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