EAGAN, Minn. - Norcraft Companies, L.L.C., an Eagan, Minnesota-based manufacturer of stock and custom kitchen and bathroom cabinetry, announced today that it has acquired UltraCraft of Liberty, North Carolina. The acquisition makes Norcraft one of the top 10 kitchen and bath cabinet firms in the U.S., adds semi-custom and frameless cabinets to its product mix, increases its offerings to the important remodeling segment of the industry, and gives the company its first manufacturing facility on the East Coast as well as an expanded customer base in the East Coast market.
Effective June 19, 2000, the acquisition is Norcraft's second in a year. On June 1, 1999, the company also purchased Robinson Woods Products, Inc., of Edwardsburg, Michigan, a manufacturer of custom cabinetry for the recreational vehicle market. Norcraft has nearly doubled in size in the last 24 months through both internal growth and these two acquisitions.
"The acquisition of UltraCraft is an important step in our long-term strategy to expand the breadth and price point of our product lines, build a national infrastructure and increase market penetration," said Thomas W. Klein, President of Norcraft Companies, L.L.C. "By combining Norcraft's strength in stock / framed cabinetry with UltraCraft's strength in semi-custom / full-overlay cabinetry, we are creating new opportunities for accelerated growth."
UltraCraft will operate as a division of Norcraft and continue to sell its cabinets under the UltraCraft brand, adding to the Mid Continent, Norcraft, ProSeries and Robinson tradenames currently manufactured by Norcraft. UltraCraft's modern, 158,000-square-foot manufacturing facility in North Carolina will become Norcraft's fifth plant, along with locations in Minnesota, Kansas, Michigan and a new facility that opened in Mohave County, Arizona, in April.
Simon M. Solomon will continue as President of UltraCraft. Raymond E. Waite will maintain his post as Senior Vice President of Manufacturing. The division will retain its entire workforce of 217 full-time employees.
"Joining forces with Norcraft will give us greater resources to continue development of the UltraCraft brand and increase our market penetration in the West and Midwest markets," Solomon said. "This is a natural alliance that benefits both companies' customers, associates and vendors."
In addition to its manufacturing facilities, Norcraft operates distribution centers in California, Nevada, Arizona and Florida. With the acquisition of UltraCraft, it now employs nearly 1,200 people in all locations.
UltraCraft was founded in 1985 and was a division of Associated Materials, a Dallas-based manufacturer and distributor of exterior residential building products.
Norcraft is owned by Pfingsten Partners, L.L.C. and Goense Bounds & Partners LLC, private equity firms based in Deerfield and Lake Forest, Illinois, respectively.
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