MasterBrand, Inc. (MBC) entered a merger agreement on August 6, 2025, to acquire American Woodmark Corporation (AMWD) in an all-stock deal valued at $1.3 billion.
American Woodmark shareholders will receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock owned. The ratio represents a purchase price of $58.35 per share, which is at a premium of 7.42% from the stock’s last close.
American Woodmark is one of the largest cabinet manufacturers in the U.S., offering kitchen, bath, and home organization products through a portfolio of over a dozen brands, serving home centers, builders, and distributors nationwide.
MasterBrand is the largest residential cabinet manufacturer in North America, offering a wide range of kitchen, bathroom, and home cabinetry products across stock, semi-custom, and premium categories through a broad network of dealers, retailers, and builders.
The combined company is expected to have a pro forma equity value of $2.4 billion and an enterprise value of $3.6 billion.
Upon completion of the merger, which is expected in early 2026, MasterBrand and American Woodmark shareholders will own approximately 63% and 37% of the combined company, respectively.
The transaction will be completed entirely with MasterBrand stock. However, MasterBrand intends to expand its existing credit facility to repay American Woodmark’s debt at the time of closing.
After the deal, the combined company is expected to have $639 million in adjusted EBITDA over the past 12 months, including about $90 million in annual cost savings expected by the end of year three.
When the deal closes, American Woodmark will become part of MasterBrand, and three American Woodmark directors will join MasterBrand’s Board. Dave Banyard, current CEO of MasterBrand, will serve as Chief Executive Officer of the combined company, while David Petratis, currently MasterBrand’s Non-Executive Chair, will become Chair of the combined company’s Board.
The combined company, which will be called MasterBrand, will be headquartered in Beachwood, Ohio, and will continue to have a strong presence in Winchester, Virginia.
American Woodmark got financial advice from Jefferies and legal advice from McGuireWoods. MasterBrand received financial guidance from Rothschild and legal support from Skadden, Arps, Slate, Meagher & Flom.
MasterBrand is acquiring American Woodmark at 6.30 times its EBITDA.
For further information regarding this merger, visit the Deal Metrics page here:
Deal Metrics for the acquisition of American Woodmark Corporation (AMWD) by MasterBrand, Inc. (MBC)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement to completion or failure.
– A timeline of events, including HSR period expiration, regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article