FOR IMMEDIATE RELEASE
November 15, 2018
TAMPA, FL (BUSINESS WIRE) – Masonite International Corporation (NYSE:DOOR) today announced that it has completed the acquisition of the operating assets of Bridgewater Wholesalers Inc. (BWI), headquartered in Branchburg, New Jersey.
BWI is a leading fabricator and distributor of door systems and related components supporting customers in the Mid-Atlantic and Northeastern United States. Their product offerings include both residential interior and exterior doors as well as value added pre-finishing services.
BWI employs approximately 350 people across five facilities located in Pennsylvania, New Jersey, New York and Massachusetts.
Masonite has been BWI’s primary supplier of door system components. As such, BWI would have added approximately $55 million of incremental net sales to Masonite’s North America Residential segment for the twelve months ended September 2018, after adjusting for intercompany transactions. The purchase price was $23 million, net of cash acquired, and is subject to customary post-closing adjustments.
“BWI has been an integral partner to Masonite for over three decades, providing outstanding service to their customers,” said Tony Hair, President of Masonite’s Global Residential business. “The combination of Masonite doors and BWI’s expertise with value added services provides continued access to the products and services that builders and dealers know and trust. We welcome the BWI employees to the Masonite family.”
The acquisition of these assets marks Masonite’s tenth acquisition in the last five years. Masonite’s management team will discuss the transaction further on Masonite’s Third Quarter 2018 Corporate Earnings Conference Call.
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Additional information about Masonite can be found at www.masonite.com.
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COMPANY Masonite International Corporation
CONTACT Joanne Freiberger, CPA, CTP, IRC – VP, Treasurer
CONTACT Farand Pawlak, CPA – Director, Investor Relations
Source: Masonite International Corporation