TAMPA, Fla.- Masonite International Corporation (the "Company") (NYSE:DOOR) today announced that it has completed the acquisition of Door-Stop International Limited (“Door-Stop”). Door-Stop is the United Kingdom’s largest pre-hanger and distributor of composite exterior residential doors and door sets.
Door-Stop employs approximately 200 people, with one facility in Nottinghamshire, UK. Door-Stop’s 2013 revenue exceeded US $38 million. The purchase price for 100% of the outstanding shares was approximately US $50 million, net of cash acquired.
"We believe the acquisition of Door-Stop positions Masonite as a leader in the manufacturing and distribution of residential doors and door sets for the UK market," said Chris Virostek, Masonite’s Senior Vice President, Corporate Development. “We are excited about the capabilities that this acquisition adds to Masonite.”
“Door-Stop’s products and service model are a natural complement to Masonite’s business,” said Gary Dutton, Chairman and founder of Door-Stop. “We are pleased to see this transaction completed and are excited about the opportunities it will bring our employees and customers.”
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers in 80 countries. Additional information about Masonite can be found at www.masonite.com .
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