Evanston, Ill., May 14, 2024 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that newly formed IBP Solutions, Inc. has acquired Masonite Architectural (“Masonite Architectural” or the “Company”), the commercial wood door business segment of Masonite International Corporation (“Masonite”), a recently acquired business unit of Owens Corning (NYSE: OC).
Masonite Architectural supplies built-to-order wood doors to a broad range of customers for use in commercial and institutional settings including hospitality, healthcare, education, and office, among others. The Company operates 13 facilities in eight states and Canada with a total operating footprint of 1.7 million square feet.
The Masonite Architectural acquisition marks IOP’s second investment in the commercial wood door sector. IOP previously owned Algoma Hardwoods, Inc., which was sold to Masonite in 2012.
Alex Legall will continue to lead the Company as CEO. Mr. Legall commented, “The Masonite Architectural team is excited to partner with Industrial Opportunity Partners to begin our next chapter as a standalone business. IOP’s focus on operational excellence will position us to best serve our customers as a preeminent commercial wood door provider in North America.”
Tom Ninneman, an IOP Operating Principal, will assume the position of Chairman of Masonite Architectural.
Mr. Ninneman is a member of IOP’s Board of Operating Principals which is comprised of experienced executives who provide leadership to the businesses in which IOP invests. Mr. Ninneman said, “We have been impressed with Masonite Architectural’s strong foundation – an excellent product portfolio, vertically integrated production capacity, and advanced quick ship capabilities. We will further leverage those assets as a focused, standalone business serving the Company’s diverse customer base.”
David Dorfman, a Managing Director at IOP, added, “We are thrilled to add Masonite Architectural to our portfolio and look forward to diligently executing another successful corporate carve-out. We believe IOP’s prior experience in the commercial wood door segment will favorably impact the Company’s customers and employees and we look forward to utilizing IOP’s operational resources to help the Company achieve its full potential.”
The acquisition of Masonite Architectural represents the fourth platform investment for IOP’s fourth fund, Industrial Opportunity Partners IV, L.P. Winston & Strawn LLP provided legal representation to IOP in the transaction. Financing for the transaction was provided by Wells Fargo. Houlihan Lokey acted as advisor to Masonite.
About Masonite Architectural
Masonite Architectural designs, manufactures and provides performance-driven and built-to-order opening solutions. The Company provides doors for non-residential use in commercial and institutional settings such as healthcare, education, offices and hospitality. The Company is headquartered in Tampa, Fla. and operates 13 facilities throughout eight states and Canada. Learn more about Masonite Architectural at https://architectural.masonite.com/.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.