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Platinum Equity to Acquire the Kitchen Cabinet Manufacturer Cabinetworks
Wednesday 07 April 2021

US-based global investment firm Platinum Equity has agreed to acquire Texas-based kitchen cabinets manufacturer The Cabinetworks Group from American Industrial Partners, GIC and other equity holders, the company said.

The transaction is subject to customary closing conditions and is expected to close in 2Q21.

Terms were not disclosed.

Citi served as sole M and A advisor to Platinum Equity.

Cabinetworks produces both framed and frameless cabinetry, operating out of 14 assembly plants and three component facilities, and serves customers through a multi-channel approach including sales to dealers, home centres and distributors across the United States.

Kirkland and Ellis LLP is serving as legal advisor to Platinum Equity. BofA Securities will lead the debt financing for Platinum Equity and Cabinetworks.

BofA Securities and Barclays served as financial advisors to Cabinetworks. Ropes and Gray LLP is serving as legal advisor to American Industrial Partners.

Platinum Equity has more than USD 25bn of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world.

The firm is currently investing from Platinum Equity Capital Partners V, a USD 10bn global buyout fund, and Platinum Equity Small Cap Fund, a USD 1.5bn buyout fund focussed on investment opportunities in the lower middle market.
Date Published: 07/04/2021