PGT Industries Inc. has signed an agreement to acquire WinDoor Inc, in a transaction valued at $102 million.
WinDoor Inc. will become a wholly owned subsidiary of PGT, and it will remain a separate and distinct brand in the marketplace. The transaction is expected to close in the middle of the first quarter of 2016.
WinDoor provides high-performance, impact-resistant windows and doors for resorts, high-rise condominiums, hotels and custom residential homes.
“WinDoor’s seasoned management team has done a fantastic job of building a solid and successful business that produces exceptional products,” said Rod Hershberger, CEO of PGT, in a statement. “We are most excited, however, that PGTI and WinDoor share a strong family-centric culture that values quality and craftsmanship. I am very pleased to announce the addition of another strong brand of products into our PGTI portfolio.”
“The acquisition of WinDoor aligns with our corporate growth strategy to acquire brands and products that generate revenue and leverage our core capabilities,” said PGT President and COO Jeff Jackson in a statement. “Rapid growth requires us to stay focused on what we know and leverage synergies between our business units. This acquisition marks the second within the past 18 months that enables PGTI to deliver a richer and more comprehensive portfolio to our customers within the impact-resistant window and door market. The combination of the companies’ strengths and cultures will deliver a richer product offering to our customers, extend more opportunities to our collective workforce and promote stronger returns for our shareholders. It is indeed an exciting time for us all.”