KKR set to buy Canadian building products manufacturer Masonite for C$3.1bn

Paul Raether of KKR said, 'Masonite is a well-managed, well-positioned, innovative company with a global customer base. We expect Masonite to continue its expansion as a leading manufacturer of door products and look forward to working with management on the next stage of the company's development.'

Masonite specialises in the manufacture of doors and employs 14,000 in 16 countries. The company has enjoyed rapid growth in recent years, propelled by the strength of the housing market and the related demand for its products.

Masonite's management team will remain in place following the completion of the transaction. The deal is expected to close in late February 2005.

KKR has been one of the most active buy-out houses in the world this year, involved in a string of major deals in both North America and Europe. The firm is expected to raise a new European fund with a target of around $3bn in the next few months and may also launch a new global fund.

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