ACProducts, a manufacturer and distributor of cabinets, completed the acquisition of Masco Cabinetry, a manufacturer of wooden cabinets, tabletops, and home remodeling materials, for $1bn. The deal value of $1bn consists of $850m in cash and preferred stock issued by a holding company of the buyer with a liquidation preference of $150m. The preferred stock will have a coupon of 8%, increasing to 10% in the third year. "We proudly welcome Masco Cabinetry’s associates to the ACPI family. This is a momentous day for ACPI as we continue to focus on offering the most diverse and balanced cabinet offering in North America. Each of our brands is targeted to serve a specific channel segment, and we look forward to expanding on our brands’ strong value propositions as a result of this acquisition,” Tom Samanic, ACProducts Chief Commercial Officer.