Masonite International Corporation to Acquire Endura ProductsNovember 3rd, 2022 by Editor
This morning Masonite International Corporation announced that a wholly-owned subsidiary has entered into a definitive agreement to acquire the holding company of Endura Products, for approximately $375 million in cash. The transaction is subject to customary closing adjustments and regulatory approval.
Endura is an innovator and manufacturer of high-performance door frames and door system components with more than 100 patents on its door system components for residential new construction as well as repair and remodeling applications.
“We are thrilled to welcome the Endura team to the Masonite family,” Howard Heckes, president and CEO of Masonite said in a press release. “Endura shares our passion for creating solutions that address homeowner needs for comfort, security, style and convenience. In recent years, we have significantly increased our level of collaboration with Endura on new product offerings featuring integrated door systems that drive superior performance. The combination of our two companies is a natural fit that will allow us to accelerate our Doors That Do MoreTM strategy and maximize our growth potential.”
Founded in 1954, Endura has been a family-owned business for three generations. It now employs approximately 800 people across four facilities located in North Carolina, Texas and Oregon.
“I am very proud of the work we have done at Endura over the past seven decades to build a trusted brand, an amazing portfolio of innovative products, world-class manufacturing operations and a book of business based on tremendous customer relationships,” said Bruce Procton, president of Endura. “We have been partners with Masonite for more than 25 years, and I could not think of a better company to help take Endura into the next era. In combination with the resources and talent at Masonite we will be able to continue to provide the best possible products, service and support for existing customers while moving even faster to bring new door system solutions to market.”
The Masonite press release indicates the company plans to integrate the Endura business into its North American Residential business segment. Procton and his leadership team are slated to remain part of the business to ensure a smooth transition for Endura customers and to focus on new product development and commercialization.
The transaction is currently expected to close near the end of 2022, subject to the satisfaction of customary closing conditions, including expiration of the waiting period under the Hart Scott Rodino Antitrust Improvements Act.
Masonite management will discuss the transaction further on its third quarter 2022 corporate earnings conference call on November 8, 2022, at 9:00 am Eastern Time.