Fortune Brands Home & Security is building up its cabinet business with plans to buy Norcraft Cos., bringing together two big makers of kitchen and bathroom cabinets.
Deerfield-based Fortune plans to pay $25.50 per share for Eagan, Minn.-based Norcraft. Norcraft shares closed at $22.90 on Friday.
Norcraft is attractive in part because of its "great relationships" with dealers, Fortune Brands CEO Chris Klein said in a statement.
The deal will be financed using Fortune's existing credit facility and is expected to close during the second quarter. Fortune plans to begin a tender offer for Norcraft's shares in about 15 days.
Norcraft's sales rose almost 11 percent to $376 million last year.
Fortune's brands include MasterBrand cabinets and Moen faucets.
Twitter @jessicawohl
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Deerfield's Fortune buying Norcraft to expand cabinet business
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