Door manufacturer Masonite, one of Tampa Bay’s largest public companies, is expanding.
The company on Thursday announced it had reached a deal to purchase Endura Products, a Greensboro, North Carolina, maker of door parts and components, for approximately $375 million in cash. The transaction is expected to close by the end of the year, subject to regulatory approval.
In a statement, Masonite president and CEO Howard Heckes called the merger “a natural fit.”
“Endura shares our passion for creating solutions that address homeowner needs for comfort, security, style and convenience,” Heckes said in a statement. “In recent years, we have significantly increased our level of collaboration with Endura on new product offerings featuring integrated door systems that drive superior performance.”
The family-owned Endura was founded in 1954 and has about 800 employees in North Carolina, Texas and Oregon. The company manufactures door frames and components like locks, weather sealing and installation accessories; it holds more than 100 patents on its products. Endura had net sales of about $270 million from October 2021 to September, according to Masonite.
“We have been partners with Masonite for more than 25 years, and I could not think of a better company to help take Endura into the next era,” Endura president Bruce Procton said in a statement. “In combination with the resources and talent at Masonite we will be able to continue to provide the best possible products, service and support for existing customers while moving even faster to bring new door system solutions to market.”
For the first six months of 2022, Masonite had net sales of nearly $1.5 billion and net income of $126.1 million. The company will finance the deal with a combination of cash on hand and loans, including from a credit facility recently upsized from $250 million to $350 million.