Masonite International to Sell Architectural Arm in $75 Million Deal

Dow Jones04-24

By Colin Kellaher

Masonite International has inked a deal to sell its architectural segment to a portfolio company of private equity firm Industrial Opportunity Partners for a total transaction value of about $75 million.

Tampa, Fla., door maker Masonite on Wednesday said it expects to complete the sale of the segment, which generated sales of $323 million last year, during the current quarter, adding that it expects to book a non-cash impairment charge of $90 million to $100 million related to the deal.

Masonite in February agreed to be acquired by building and construction materials company Owens Corning in a $3.9 billion deal slated to close in mid-2024.

Industrial Opportunity Partners, based in Evanston, Ill., focuses on middle-market manufacturing and distribution businesses.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 24, 2024 08:37 ET (12:37 GMT)

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