Wilmington-based Markraft Cabinets has been acquired by Artisan Design Group (ADG), a supplier of floor products and services, in a deal that will add more products to ADG’s product portfolio and allow Markraft to expand to other markets, according to a news release.
With the acquisition, which closed Monday for an undisclosed amount, Markraft will retain its name but will now be a limited liability company, said Cee Edwards, president of Markraft, on Thursday.
All 120 Markraft employees will retain their jobs, and the leadership will remain the same, Edwards said.
“We want our customers and employees to know that day-to-day operations are not going to change,” he said. “The leadership, the product, the process, the personnel will not change. That’s what made this partnership attractive to us; [ADG] knows we are experienced in the field and they want us to do what we do best and that is to continue to be a leader in providing excellent solutions and service to our customers.”
ADG eyed Markraft for the acquisition because of the Wilmington company’s business model and culture, Edwards said.
"We see this expansion into cabinets and countertops, and in particular in the Carolinas and Tennessee, as an integral part of the growing ADG platform,” ADG officials said in the release. “Joe [Jacobus] and the Markraft Cabinets team have grown the company into a clear leader in its markets, and we look forward to the many benefits each of our respective businesses will enjoy from being partners.”
Jacobus, CEO of Markraft, opened the company in Wilmington in 1985. It provides cabinet and countertop products, designs and installation services for kitchens and bathrooms. The company currently operates in Wilmington, Apex, Nashville and Hilton Head.
In 2017, Markraft acquired Apex Cabinet Company
to expand its operations in the Triangle area.
ADG is a portfolio company of The Sterling Group, an investment firm that targets companies in manufacturing, distribution and industrial services, according to the release.
“Our philosophy is that if a business isn’t growing, it's dying. This acquisition will help us get to the next level, we are always pushing to be the best in the industry,” Edwards said. “It will allow us to grow and be a leader in the markets we serve. Our partnership with ADG allows us to do this together.”