Southern Indiana Business Report
MasterBrand Inc. and American Woodmark Corporation announced Wednesday the two cabinet manufacturers will merge in an all-stock merger.
The combined company would have a pro forma equity value of $2.4 billion and an enterprise value of $3.6 billion based on the exchange ratio and closing share price as of Aug. 5.
MasterBrand shareholders will own approximately 63% and American Woodmark shareholders will own about 37% of the combined company.
“Bringing together MasterBrand and American Woodmark will be a transformative step for both of our organizations that will even better position us to serve the evolving needs of our customers and provide consumers with more choice and access,” said Dave Banyard, president and chief executive officer of MasterBrand. “MasterBrand and American Woodmark bring unique but complementary strengths – strong and broad portfolios and streamlined low-cost manufacturing profiles – and in leveraging them, the combination will help us accelerate our strategies and create enhanced value for both companies’ shareholders.”
MasterBrand is the largest manufacturer of residential cabinets in North America.
In 2024, MasterBrand completed its acquisition of Supreme Cabinetry Brands Inc. from GHK Capital Partners LP. In 2023, the company announced it was moving its corporate headquarters to Beachwood, Ohio. MasterBrand’s operations headquarters remain in Jasper.
“Creating value through people has been the core mission of American Woodmark. Our company has operated with a vision-driven, values-based philosophy and a strategy focused on growth, digital transformation, and platform design,” said Scott Culbreth, president and CEO of American Woodmark. “Combining with MasterBrand will build on these core values and strategy to enhance our offering and service for customers and consumers, while driving value for American Woodmark shareholders.”
The transaction is expected to close in early 2026.