Fortune Brands Home & Security, Inc. completed the acquisition of Fiberon, LLC.
September 10, 2018
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Fortune Brands Home & Security, Inc. (NYSE:FBHS) signed an agreement to acquire Fiberon, LLC for approximately $470 million on August 23, 2018. The transaction was funded with Fortune Brands' cash on hand and borrowings under its $1.25 billion revolving credit facility and $350 million term loan. Upon closing, Fiberon will operate as a part of the Doors & Security segment of Fortune Brands. Fiberon reported annual sales of approximately $200 million in 2017. Fortune Brands expects to maintain Fiberon’s current operations and locations. The closing of the transaction is subject to regulatory approval and is expected to occur within the next 30 days. As on September 4, 2018, the transaction received Early Termination notice from the Federal Trade Commission. The acquisition is expected to be accretive to earnings by approximately $0.05 to $0.06 in 2019 and approximately $0.09 to $0.1 in 2020. Moelis & Company acted as financial advisor to Fiberon, LLC.
Fortune Brands Home & Security, Inc. (NYSE:FBHS) completed the acquisition of Fiberon, LLC on September 11, 2018.
Fortune Brands Innovations, Inc. is a home, security and commercial building products company. The Company has three segments. Water Innovations segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposal, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Aqualisa and Shaws brands. Outdoors segment manufactures and sells fiberglass and steel entry door systems, storm, screen and security doors, composite decking, railing and cladding under the Fiberon brand, urethane millwork under the Fypon brand, and wide-opening exterior door systems and outdoor enclosures under the Solar Innovations brand. Security segment manufactures, sources and distributes locks, safety and security devices, and electronic security products and fire-resistant safes and security containers. The Company, through SpringWell Water Filtration Systems, provides residential whole-home water filtration and water softening solutions via direct-to-consumer channels.