Platinum Equity Buys Cabinetworks from AE Partners and GIC

Posted on 04/07/2021


On April 5, 2021, Platinum Equity agreed to buy Cabinetworks, an Ann Arbor, Michigan-based maker of kitchen and bath cabinets, from American Industrial Partners, and GIC Private Limited, and other equity holders. Cabinetworks claims to be the largest independently-owned manufacturer and distributor of kitchen and bath cabinets in the United States under the nation’s brands, including: KraftMaid, Medallion, Smart, Merillat, Yorktowne, Echelon, Advanta, Studio Full Access, Master WoodCraft, and Cabinets 2000. Cabinetworks produces both framed and frameless cabinetry, operating out of 14 assembly plants and three component facilities, and serves customers through a multi-channel approach including sales to dealers, home centers and distributors across the United States.

According to the press release, “Other companies that Platinum Equity previously invested in within the building products ecosystem include Interior Logic Group, the largest national provider of interior design and finish solutions for the homebuilding industry, and PrimeSource, a national distributor of specialty building materials including fasteners serving the new-construction and remodeling markets.”

Advisors

The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021. Citi served as sole M&A advisor to Platinum Equity. Kirkland & Ellis LLP is serving as legal advisor to Platinum Equity. BofA Securities will lead the debt financing for Platinum Equity and Cabinetworks.

BofA Securities and Barclays served as financial advisors to Cabinetworks. Ropes & Gray LLP is serving as legal advisor to American Industrial Partners.

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