MasterBrand and American Woodmark close $3.6B cabinet merger
Money MovesAll-stock deal combines the two largest listed U.S. cabinetmakers after a multi-year slump in renovation demand
May 28th, 2026: Merger closes; Woodmark delistedNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated May 28MasterBrand and American Woodmark closed their $3.6 billion all-stock merger on May 28, 2026. American Woodmark holders received 5.150 MasterBrand shares for each Woodmark share, and the Nasdaq-listed company is being delisted as a wholly owned subsidiary.
The combined company is now the largest cabinetmaker in North America by revenue. It targets about $90 million in annual cost savings by year three and bets that scale will offset a renovation market that shrank 6.5% in 2025.
Why it matters
Two of the three biggest U.S. cabinet makers are now one supplier to Home Depot and Lowe's, narrowing buyer choice in a category bought once a generation.
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People Involved
Organizations Involved
Largest North American cabinetmaker by revenue, with brands such as KitchenCraft, Aristokraft, Diamond, Mid Continent, and Schrock.
Winchester, Virginia-based cabinetmaker known for the Timberlake, Waypoint, and American Woodmark brands sold through home centers and homebuilders.
Private peer that owns KraftMaid, Merillat, Medallion, and Yorktowne brands.
U.S. antitrust regulator that vets large mergers for competitive harm.
Timeline
December 2022 May 2026
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Merger closes; Woodmark delisted
Latest Deal CloseMasterBrand absorbs American Woodmark, draws $375M on a term loan to refinance Woodmark debt, and Woodmark stock stops trading on Nasdaq.
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FTC clears the deal
RegulatoryAntitrust review ends without conditions, removing the last gating item before close.
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Both shareholder bases approve the deal
VoteMasterBrand and American Woodmark holders vote to approve the merger at separate special meetings.
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All-stock merger announced
DealThe two companies sign a definitive agreement at a 5.150 share exchange ratio, valuing the combined enterprise at about $3.6 billion.
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MasterBrand spins off from Fortune Brands
CorporateFortune Brands separates its cabinet business as a standalone public company on the NYSE under the ticker MBC.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Platinum Equity buys Masco Cabinetry to form Cabinetworks (2019–2020)
Masco sold its cabinetry business to Platinum Equity for about $1 billion. Platinum rebranded the unit as Cabinetworks Group with the KraftMaid, Merillat, and Medallion brands.
A private equity owner took one of the top three U.S. cabinet makers off the public market and started plant rationalization.
Cabinetworks became the main private peer to MasterBrand and American Woodmark, setting up the two-listed, one-private structure now collapsing into a duopoly.
Shows the prior step in the same consolidation path: each transaction has reduced the number of independent large U.S. cabinet manufacturers.
Fortune Brands spins off MasterBrand (2022)
Fortune Brands Home & Security separated its cabinets segment, listing it as MasterBrand on the NYSE under ticker MBC. The cabinet business kept brands such as Aristokraft, Diamond, and Schrock.
MasterBrand started life as a focused cabinet pure-play with its own balance sheet and acquisition currency.
That stock-based currency is exactly what funded the Woodmark deal three and a half years later.
Without the 2022 spin-off, MasterBrand would not have had the equity to buy Woodmark in an all-stock transaction.
Owens Corning buys Masonite (2024)
Insulation maker Owens Corning agreed to buy door maker Masonite for about $3.9 billion and closed the deal in May 2024. The combination created a larger building products platform during a soft housing cycle.
Owens Corning took Masonite private and started a cost-out program targeting hundreds of millions in synergies.
The deal showed public-market appetite for scale plays in housing-exposed products during a slow new-construction period.
Same playbook: use scale and synergies to defend margins through a downturn rather than wait for the market to recover.
