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 BWIs primary supplier of door system components. As such, BWI would have added approximately $55 million of incremental net sales to Masonites 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 Masonites Global Residential business. The combination of Masonite doors and BWIs 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 Masonites tenth acquisition in the last five years. Masonites management team will discuss the transaction further on Masonites 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.
This press release 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 impact of the acquisition. 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, our ability to successfully integrate the products, employees and operations of BWI as well as the ability to ensure continued performance of products; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; general economic, market and business conditions; competition; 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 in its Form 10-K for fiscal 2017 and subsequent 10-Qs filed with the SEC.