MasterBrand Cabinets to acquire Iowa company
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Ohio-based MasterBrand Cabinets LLC, which has a major presence in Dubois County, has announced plans to acquire Supreme Cabinetry Brands Inc., headquartered in Waterloo, Iowa.
MasterBrand says the $520 million cash deal will allow the company to reach more consumers across an enhanced dealer network.
“Supreme’s complementary products will immediately expand MasterBrand’s portfolio and accelerate our strategy, while its nationwide dealer network will enhance our existing footprint and strengthen our ability to deliver high-quality, on-trend products,” MasterBrand CEO Dave Banyard said in a news release. “Importantly, MasterBrand and Supreme share complementary cultures grounded in a commitment to the customer and consumer experience.”
Banyard said the company will welcome the Supreme Cabinetry team to its ranks, though a number of employees joining the company was not provided.
MasterBrand did not respond to multiple requests for more information from Inside INdiana Business.
“We have long admired MasterBrand’s dedication to delivering for customers, and its commitment to operational excellence,” Supreme Cabinetry CEO Tony Sugalski said. “We believe that combining our outstanding service level and craftsmanship with MasterBrand’s resources, scale, and shared commitment to high-quality production will deliver greater value to our customers and consumers.”
MasterBrand said the acquisition is expected to create $28 million in cost savings over three years. The deal remains subject to regulatory approvals and customary closing conditions.
The acquisition is slated to close in the third quarter.
In December, MasterBrand announced plans to relocate its corporate headquarters in Beachwood, Ohio, a suburb of Cleveland. However, the company said its operations headquarters, which houses its manufacturing leadership, product development and marketing teams, would remain in Jasper.