Masonite International Corporation Announces Acquisition of A&F Wood Products, Inc.

TAMPA, Fla.--(BUSINESS WIRE)-- Masonite International Corporation (NYSE: DOOR) today announced that it has completed the acquisition of A&F Wood Products, Inc. (“AFWP”), a wholesaler and fabricator of architectural and commercial wood doors in the Midwest United States. Founded in 1968, AFWP excels in providing door and hardware distributors with wood doors, hollow metal doors, custom metal frames, wood frames and hardware with quick ship capabilities. The sellers will retain the use of the A&F brand for use with a separate pocket door frame business they will continue to operate.

AFWP employs approximately 50 people at a single site in Howell, Michigan and net sales for the twelve months ended May 31, 2017 were approximately US $14 million. Masonite expects the acquisition to be immediately accretive to our Adjusted EBITDA margin. Masonite has a long and valued history as a supplier of door products to AFWP. Terms of the acquisition were not disclosed.

“AFWP’s ability to provide quick ship custom machined and finished wood doors, hollow metal doors and related products to door and hardware distributors is a natural complement to Masonite Architectural’s manufacturing business,” said Graham Thayer, senior vice president and business leader of Masonite Architectural. “This transaction demonstrates our commitment to improving responsiveness to our customers with short lead times, additional products and value-added services. We are excited to welcome the AFWP team to the Masonite Architectural family.”

About Masonite

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. Masonite serves more than 7,000 customers in 65 countries. Additional information about Masonite can be found at www.masonite.com.

Forward-looking Statements

This press release may contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including information related to the expected financial impact of the acquisition of A&F Wood Products, Inc. When used in this press release, such forward-looking statements may be identified by the use of such words as “may,” might, “could,” “will,” would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, general economic, market and business conditions; competition; our ability to successfully integrate the recent acquisition, increases in the costs of raw materials or any shortage in supplies; the actions by, and the continued success of, certain key customers; our ability to maintain relationships with certain customers; retention of key management personnel; and other factors publicly disclosed by the company from time to time.

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Masonite International Corporation
Joanne Freiberger, CPA, CTP, IRC, 813-739-1808
Brian Prenoveau, CFA, 813-371-5839

Source: Masonite International Corporation