Composite decking maker Fiberon bought by Fortune Brands
Fortune Brands Home & Security, a home and security products company, acquired Fiberon for US$470 million, and plans to make it part of its new Doors & Security segment.
Fortune Brands Home & Security Inc., a home and security products company, has acquired Fiberon LLC, a manufacturer of composite-based decking, railing and fencing products, for US$470 million.
Fiberon will join Fortune Brands’ new Doors & Security segment.
In a statement, Deerfield, Ill.-based Fortune Brands called the US$2.5 billion decking market “a critical part of outdoor living spaces with growing conversion to non-wood materials.” Capped composite non-wood products where Fiberon has focused its business are growing at nearly 10 per cent annually, it added, and now represent approximately one quarter of the decking market.
“Our Doors & Security platform has the scale and capabilities to further Fiberon’s penetration of the market across our existing customers and distribution channels in this growing market segment,” Fortune Brands CEO Chris Klein said. “Our execution and momentum within our Therma-Tru door brand coupled with Fiberon’s successful business model and product line create an exciting opportunity to accelerate growth and value creation.”
In 2017, Fiberon had approximately US$200 million in annual sales. Headquartered in
New London, N.C., Fiberon also has an operation in Meridian, Idaho.
The transaction is expected to close within the next 30 days.