Tampa door manufacturer buys company for nearly $300M

Masonite International of Tampa bought Fleetwood Aluminum Products for $285 million in cash, Masonite says in a news release.

Publicly traded Masonite is a designer, manufacturer, marketer, and distributor of interior and exterior doors. It also provides door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets

The acquisition of Fleetwood, which makes doors and windows, was made under a Masonite subsidiary, the company says.

"Fleetwood has an outstanding reputation for product leadership, manufacturing excellence and modern designs for luxury residential applications," says Howard Heckes, president and CEO of Masonite, in a written statement.

Heckes says Fleetwood's door and window systems create a blend of indoor-outdoor living, showcasing natural light, style, security and energy efficiency, while adding "exceptional beauty and flexibility to the home."

"This is the second acquisition we have completed in 2023 as part of our 'Doors That Do More' strategy to expand our product portfolio and address new and non-traditional segments of the market with innovative and differentiated door systems," says Heckes.

Masonite says it currently serves more than 7,000 customers globally.

A family-owned business since 1961, Fleetwood is based in Corona, California. It operates a 200,000-square-foot manufacturing facility with approximately 350 total employees, according to Masonite. Fleetwood products are sold through a network of over 200 exclusive dealers in North America.

Fleetwood will add approximately $150 million of full-year revenue to Masonite in 2024, Masonite says. Masonite plans to operate Fleetwood as an independent business unit within its North American residential business segment.

Masonite says it has been in service since 1925, and it has more than 7,000 customers globally.