ACProducts, Inc. (acpi) today announced that it has entered into an agreement to acquire Elkay Wood Products Company (EWP), a leading manufacturer of kitchen and bath cabinetry. EWP is a renowned manufacturer with an iconic brand portfolio including Medallion, Design-Craft, Yorktowne, Schuler, Medallion at Menards, MasterCraft and American Cabinetry Collection.
The combined company will represent the most diverse and balanced cabinet company in North America. With an expansive portfolio across both framed and frameless product offerings, the combined company will be a leader in serving the dealer, direct-to-builder, and home center channels. The combined plant network spans a national footprint with infrastructure to effectively serve cabinet buyers in all 50 states.
The combination will be beneficial for all key stakeholders, most importantly the companies’ customers and associates, and will provide best-in-class product development and marketing on the one hand, complemented by a strong focus on operational excellence, bringing cabinet buyers high quality, great value and peace of mind for their kitchen and bath projects.
“Elkay Wood Products Company has a long and successful history of serving cabinet dealers, builders and home centers," said acpi President and CEO Larry Denbrock. "We are proud to welcome Elkay’s 1,600 team members to the acpi family as we grow our fantastic workforce. We are thrilled about the potential this new business combination creates,”
“This is an exciting day for Elkay Wood Products and reflects the hard work and dedication of everyone involved in our history and success over the years, most specifically, our dedicated associates as well as our valued customers and suppliers," said EWP President Tom Samanic. "We have great respect for acpi and look forward to the next phase in our business’ growth as part of the acpi family. Together, we look to build on past success by continuing to drive product innovation and operational excellence to meet customer needs.”
“We found acpi to be the ideal partner for EWP. The combined business will be a stronger company with a broader product offering to serve the market more completely," said Tim Jahnke, CEO of Elkay Manufacturing Company, parent company of EWP. "The sale also enables further investment in the long-term growth of the other Elkay businesses.”
The transaction, which is subject to customary closing conditions, is expected to be completed by the end of Q1, 2019.
Jefferies LLC served as financial advisor to Elkay Manufacturing Company in connection with this transaction and Mayer Brown LLP acted as Elkay Manufacturing Company’s legal advisor.
Ropes & Gray LLP served as legal advisor to acpi in connection with this transaction.