Houston Business Journal covered Quanex Building Products Corp.’s $248.5 million agreement to acquire St. Cloud, Minnesota-based Woodcraft Industries, a supplier of doors and components in the in the kitchen and bathroom cabinet industry. The all-cash transaction is expected to close in the fourth calendar quarter of 2015. Houston-based Quanex is a leading supplier of window and door components.
"Quanex's growth strategy is based, in part, on highly complementary acquisitions that contribute proven technologies, products and enhanced scale," said Quanex Chairman, President and CEO Bill Griffiths. "Woodcraft is an ideal strategic and financial fit in this regard. It is, first and foremost, a well-run company that adds $3 billion to our addressable market. … We expect the acquisition will deliver clear financial benefits to Quanex shareholders as we continue to prudently build the company for sustained profitability."
Quanex was represented by Gardere Attorneys Eric A. Blumrosen, Greg Meeks, Barry D. Drees and Matt Crockett.