CLEVELAND, April 7, 2021 /PRNewswire/ — Platinum Equity, a leading private equity firm, announced that they had entered into an agreement to purchase Cabinetworks, one of the nation’s leading cabinet manufacturers, from American Industrial Partners. The transaction is expected to be completed in the second quarter of 2021.
According to Freedonia Group industry analyst Matt Zielenski, “Platinum Equity’s purchase of Cabinetworks will position the firm to enter the US cabinets industry, which is currently seeing strong growth. The new housing market has seen strong demand for cabinets as home builders are able to sell homes as soon as they are completed. In the large home improvement market, kitchen and bathroom remodeling is a perpetually popular renovation, and they have seen substantial growth in the past year as millions of homebound Americans have undertaken such projects – of which the installation of new and larger cabinets is a key part.”
Additionally, noted Zielenski, “Cabinetworks is particularly suited for growth going forward. The company has a nationwide network of manufacturing plants, a broad and wide-ranging distribution network, and a number of well-regarded brand names, such as KraftMaid and Merillat. Platinum Equity will be able to maximize the value of these assets, and, combined with its capital resources, be able to further position the company for growth as the US economy rebounds from the worse effects of the COVID-10 pandemic.”
For more information on the US cabinets industry – see the Construction Studies page featuring the following industry studies by The Freedonia Group:
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SOURCE The Freedonia Group