Subsequent Events

3 Months Ended

Jul. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On August 5, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MasterBrand, and Maple Merger Sub, Inc., a Virginia corporation and wholly owned subsidiary of MasterBrand (“Merger Sub”), providing for Merger Sub, at closing, to merge with and into the Company with the Company surviving as a wholly owned subsidiary of

MasterBrand (the “Merger”). Under the terms of the Merger Agreement, at the effective time of the Merger, each share of Company common stock outstanding immediately prior to the effective time will be automatically converted into the right to receive 5.15 shares of MasterBrand common stock. Following completion of the Merger, it is estimated that former holders of the Company's common stock will own approximately 37% and holders of MasterBrand common stock will own approximately 63% of the common stock of the combined company, on a fully diluted basis. The Merger is currently expected to close in early calendar year 2026, subject to certain approvals by MasterBrand's stockholders and the Company's shareholders, respectively, as well as the satisfaction of certain other customary closing conditions, including the absence of certain legal impediments and the expiration or termination of the applicable antitrust waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. The Company has incurred expenses related to the Merger of approximately $2.8 million for the three-months ended July 31, 2025, which are included in General and administrative expenses in the condensed consolidated statements of income.