THE COLONY, Texas - ACProducts, Inc. (acpi ) says it has entered into an agreement to acquire Elkay Wood Products Company, a leading manufacturer of kitchen and bath cabinetry.
The move combines the former Armstrong Cabinets business (spun off in 2012 by American Industrial Partners) with the cabinet business of Elkay Manufacturing, known for commercial drinking fountains and plumbing fixtures. Elkay Wood Products brands include Medallion, Design-Craft, Yorktowne, Schuler, Medallion at Menards, MasterCraft, and American Cabinetry Collection .
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The company combines he No. 4 and No. 5 largest cabinet companies on the FDMC 300 list. will represent 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, which also includes the June 2018 acquisition of 500-employee Master Woodcraft Cabinetry in Marshall, Texas, spans a national footprint with infrastructure to effectively serve cabinet buyers in all 50 states.
The combination will be beneficial for all key stakeholders, most importantly the companies’ customers and associates, and will provide best-in-class product development and marketing on the one hand, complemented by a strong focus on operational excellence, bringing cabinet buyers high quality, great value and peace of mind for their kitchen and bath projects.
“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 acpi family as we grow our fantastic workforce. We are thrilled about the potential this new business combination creates,” said Larry Denbrock, President and CEO, acpi.
“This is an exciting day for Elkay Wood Products and reflects the hard work and dedication of everyone involved in our history and success over the years," said Tom Samanic, Elkay Wood Products Company’s President.
"We have great respect for acpi and look forward to the next phase in our business’ growth as part of the acpi family. Together, we look to build on past success by continuing to drive product innovation and operational excellence to meet customer needs.”
Tim Jahnke, CEO of Elkay Manufacturing Company, parent company of EWP, added, “We found acpi to be the ideal partner for EWP. The combined business will be a stronger company with a broader product offering to serve the market more completely. The sale also enables further investment in the long-term growth of the other Elkay businesses.”
The transaction, which is subject to customary closing conditions, is expected to be completed by the end of Q1, 2019. Jefferies LLC served as financial advisor to Elkay Manufacturing Company in connection with this transaction and Mayer Brown LLP acted as Elkay Manufacturing Company’s legal advisor. Ropes & Gray LLP served as legal advisor to acpi in connection with this transaction.
Headquartered in The Colony, Texas, with existing manufacturing operations in Thompsontown and Mount Union, Pennsylvania; New Paris, Indiana; and Norwalk, California, acpi has over 1,000 employees, 16 Design Centers, and 3PL/Distribution locations across the United States. The former Armstrong Cabinets spun off from Armstrong Industries