Jonathan Foster, Long-Time Director at Masonite and Berry Global, Involved in Two Recent Multi-Billion-Dollar Transactions

New York, NY, February 12, 2024 – Jonathan Foster, Founder and Managing Director of Current Capital, has served on over 40 boards of directors including several Fortune 500 companies. Last week, two of those companies, Masonite International (NYSE:DOOR) and Berry Global (NYSE:BERY) announced major transactions.

About Masonite-Owens Corning Transaction

Masonite, a leading global provider of interior and exterior doors and door systems, entered into a definitive agreement under which Owens Corning (NYSE: OC), a leader in global building and construction materials, will acquire all outstanding shares of Masonite for $133.00 per share in cash, representing an approximate 38% premium to Masonite’s closing share price on February 8, 2024 and an approximate 46% premium to Masonite’s 20-day volume-weighted average price. The implied transaction value is approximately $3.9 billion, implying a purchase multiple of approximately 8.6x 2023E adjusted EBITDA or 6.8x when including synergies of $125 million.

The addition of Masonite’s market-leading doors business creates a new growth platform for Owens Corning, strengthening the company’s position in residential building materials and extending its offering of highly valued products and brands. Leveraging Owens Corning’s unique commercial capabilities and proven go-to-market model serving contractors, builders, and distributors, the company expects to build on Masonite’s strong track record of innovation, brand quality, and category excellence to further grow in the doors market.

For more information, visit: Owens Corning Announces $3.9 Billion Acquisition of Masonite to Strengthen Position in Building and Construction Materials.

About Berry-Glatfelter Transaction

Berry, a leading global packaging solutions provider, and Glatfelter Corporation (NYSE:GLT) entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) with Glatfelter, and create a leading, publicly-traded company in the specialty materials industry. The Boards of Directors of Berry and Glatfelter have unanimously approved the transaction.

The new combined company (“NewCo”) will become a global leader in the growing specialty materials industry, serving the world’s largest brand owners across global end markets with favorable long-term growth dynamics. HHNF brings an extensive portfolio of proprietary technologies, with a strong focus on healthcare, hygiene, and specialty end markets, while Glatfelter provides a broad range of innovation capabilities and sustainability solutions. Together, the combined company will offer a highly complementary product suite, including both polymer-based and fiber-based solutions, supported by strong innovation capabilities, with significant geographic diversification and a presence in all major markets.

The transaction values the combined company at $3.6 billion on an enterprise value basis, with pro forma revenue of ~$3.6 billion and Adj. EBITDA of ~$455 million. Berry and Glatfelter shareholders will own 90% and 10% of the combined company, respectively, and Berry will receive an approximate net $1 billion cash distribution at closing.

For more information, visit: Berry Global and Glatfelter Announce Plans for Tax-Free Spin-Off and Merger of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter, Creating a Global Specialty Materials Leader.

About Current Capital Partners

Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking industry expertise, an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at


Jonathan F. Foster
Managing Director
Telephone: +1 212 223 0638