Fortune Brands Home & Security signed an agreement to acquire Larson Manufacturing, a North American brand of storm, screen and security doors, for a price, net of tax benefits, of approximately $660 million. Larson also sells related outdoor living products including retractable screens and porch windows.
Fortune Brands also announced it is renaming its Doors & Security segment to “Outdoors & Security” to better represent the company’s brands within the segment.
“The acquisition of Larson is aligned with our strategic focus on the fast-growing outdoor living space," says Nicholas Fink, CEO, Fortune Brands. "The Larson suite of products creates a bridge from the inside to the outside of the home, and further strengthens Fortune Brands’ offerings in Doors and Decking.”
Larson's products are designed to create a connection to the outdoors, bringing light and air into the home. Larson core products are lower-ticket DIY offerings that have a strong presence in the home center retail channel.
“Together, Larson and Therma-Tru have significant opportunities to drive growth and create value. There is tremendous potential to leverage the innovative products at Larson with our Therma-Tru and Fiberon offerings to provide a total exterior door system and capitalize on outdoor living trends such as multi-season rooms,” says Fink.
“We are excited to join Fortune Brands," says Jeff Rief, CEO and president, Larson. "Having worked together this past year on innovations that connect homes to the outdoors, we have come to admire the company and its leading brands. We share a commitment to brand excellence, strong channel relationships and a culture of consumer-driven innovation. We are looking forward to driving even more growth by seizing new opportunities together in the door, security and outdoor living markets.”
With revenues of approximately $390 million, Larson has approximately 1,200 associates and is headquartered in Brookings, South Dakota, with manufacturing operations in Brookings; Lake Mills, Iowa; Mocksville, North Carolina; and Senatobia, Mississippi, in addition to central distribution centers in Albert Lea, Minnesota, and Mocksville. The company expects that the Larson management team, associates and locations will remain in place.
The closing of the transaction is subject to regulatory approval and is expected to occur within the next 30 days.
