Masonite International Corporation announced that it has completed the acquisition of DW3 Products Holding Limited (“DW3”), a leading UK provider of high quality premium door solutions and window systems, supplying products under brand names such as Solidor, Residor, Nicedor, and Residence.
Solidor utilizes a leading online offering, including a door designer and a specialized online portal, which allows trade customers to specify and purchase products online.
DW3 employs approximately 300 people located in Stoke-on-Trent and Gloucester, England. DW3’s net sales for the twelve months ended December 2017 were approximately £45 million. The purchase price for all of DW3’s outstanding shares was approximately £70 million, net of cash acquired and subject to customary post-closing adjustments.
“DW3 fits exceptionally well with Masonite’s existing business in the UK,” said Tony Hair, Masonite’s President, Global Residential. “Their online quick ship capabilities and product portfolio both complement and expand the strategies we are pursuing in this important market.”
“DW3’s products and service model are a natural addition to Masonite’s business, and Masonite is an excellent cultural fit for our company,” said Gareth Mobley, CEO of DW3. “We are excited about the opportunities this will bring our employees and customers.”
Masonite expects the acquisition to be immediately accretive to adjusted EBITDA margin and adjusted EPS in 2018. DW3 is Masonite’s eighth acquisition in the last four years, and the fourth in the UK during that period.