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Industry & Trends

Investors Buy Cabinetworks, Formed from Masco and Armstrong Cabinets


April 5, 2021 | Bill Esler

Los Angeles, CA – Platinum Equity says it has entered into a definitive agreement to acquire The Cabinetworks Group from American Industrial Partners (AIP), GIC and other equity holders. In February, IWF Network News reported rumors of the sale, with a projected price of $3.5 billion.

Cabinetworks assembly line

Cabinetworks plant in Thompsontown, PA. 

Cabinetworks is the largest independently owned manufacturer and distributor of kitchen and bath cabinets in the U.S. under leading brands, including KraftMaid, Medallion, Smart, Merillat, Yorktowne, Echelon, Advanta, Studio Full Access, Master WoodCraft, and Cabinets 2000. Woodworking Network reported Cabinetworks sales at $1.8 billion in 2020

The company 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 centers, and distributors across the United States.

“Cabinetworks has a comprehensive portfolio of highly-respected, fast-growing brands, a strong leadership team and a proven track record for growth,” says Jacob Kotzubei, a partner at Platinum Equity. “The company’s leading position in the cabinets space, combined with Platinum Equity’s operational toolkit and M&A [merger and acquisition] resources, make Cabinetworks a great fit for our portfolio.”

Cabinetworks Cabinets 2000 frameless cabinet operation in Norwalk, CA

Cabinetworks Cabinets 2000 frameless cabinet operation in Norwalk, CA. 

The transaction is expected to close in the second quarter of 2021. AIP retains the former Armstrong wood flooring business, AHFP, which sells under several brands including Capella, Bruce, and Armstrong. AIP’s partner in Cabinetworks, GIC, was established in 1981 to manage Singapore’s foreign reserves. It has investments in over 40 countries and is headquartered in Singapore, with 10 offices in key financial cities worldwide.

“CEO Joe Gross and the entire Cabinetworks team….have built an attractive platform and helped transform the industry,” says Todd Golditch, a managing director at Platinum Equity, “There is also a significant amount we can do together to continue their history of innovation and grow the business both organically and through additional M&A activity.” 

In December 2020, Platinum Equity sold PrimeSource, a building products firm supplying the home construction and remodeling markets. Its fastener lines include nails, staples, collated fasteners, and screws for framing and drywall, Grip Rite power tools, and carbide saw blades.

“We have had a lot of success in the building products sector,” Goldith says. “We know the industry well and are excited about the opportunities ahead for Cabinetworks.”

Platinum Equity also previously invested in Interior Logic Group, the largest national provider of interior design and finish solutions for the homebuilding industry. 

“I want all Cabinetworks employees to understand that this announcement validates what you already know in your heart: the future is limitless for our company when we delight our customers with products and service,” says Joe Gross, CEO of Cabinetworks. “To our valued customers and suppliers: Platinum Equity’s investment in our business is a wonderful development in the history of our company. In Platinum Equity, we have a world-class partner as we continue to grow our business.”

BofA Securities will lead the debt financing for Platinum Equity and Cabinetworks. BofA Securities and Barclays served as financial advisors to Cabinetworks. Ropes & Gray LLP is serving as legal advisor to American Industrial Partners.

About Platinum Equity: Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion 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 $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.

About American Industrial Partners: American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. Since 1989, American Industrial Partners has completed more than 100 transactions and currently has more than $8 billion of assets under management on behalf of leading pension, endowment, and financial institutions.

About GIC: GIC is a leading global investment firm with a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries around the world. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit


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