TAMPA - Masonite International Corporation says it completed the acquisition of National Hickman, the UK-based supplier of doorkits (similar to fully finished prehung door units) and other millwork in the United Kingdom. It serves the new homebuilder sector with customized solutions delivered directly to the job site.
Masonite also acquired Performance Doorset Solutions Limited, a supplier of custom doors and millwork in the United Kingdom that specializes in non-standard product specifications, manufacturing both wood and composite solutions. PDS employs approximately 150 people located in Lancashire, UK. PDS 2015 net sales exceeded $20 million; it was acquired for $16 million.
Separately Masonite announced it received a binding offer for its France-based business, Premdor, from Perceva, a Paris-based independent investment firm. Premdor did €100 million in sales last year and has over 680 employees.
National Hickman employs approximately 400 people at sites located near Birmingham, England, and Glenrothes, Scotland. Hickman’s net sales for the twelve months ended June 2015 were approximately $110 million. The purchase price for 100% of the outstanding shares was approximately $82 million.
“Hickman’s leadership in providing doorkit solutions to the homebuilder market in the UK is a natural extension of our UK business,” said Chris Virostek, Masonite’s Senior Vice President, Strategy Implementation and Corporate Development. “Hickman’s deployment of automation and product line leadership complements the strategies we are pursuing with our business.”
In Masonite's latest quarterly report last month, net sales decreased $13.8 million, or 2.8% to $476.4 million for the second quarter of 2015, greatly imp[acted by foreign exchange. Excluding a $25.7 million (or 5.2%) unfavorable impact from foreign exchange, net sales would have increased by 2.4% to $502.1 million for the second quarter, the company said in its SEC filing. Net income more than doubled to $13.8 million.
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