N. VENICE, FL -- PGT, Inc., the nation's leading manufacturer and supplier of residential impact-resistant windows and doors, announced it has signed a definitive agreement to acquire WinDoor, Incorporated. Located in Orlando, Florida, WinDoor provides high-performance, impact-resistant windows and doors for five-star resorts, luxury high-rise condominiums, hotels and custom residential homes. The acquisition combines the strengths of PGT, Inc. and WinDoor, Inc. by leveraging PGTI's breadth of capabilities and resources with WinDoor's specialty expertise in areas such as thermally-broken products and award-winning doors to deliver an unparalleled impact-resistant product offering to consumers, builders, and architects.
"WinDoor's seasoned management team has done a fantastic job of building a solid and successful business that produces exceptional products," stated Rod Hershberger, Chairman of the Board and Chief Executive Officer of PGTI. "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."
WinDoor, Inc. will become a wholly owned subsidiary of PGTI. The transaction, valued at approximately $102 million, is consistent with PGTI's plan to grow strategically while contributing to earnings growth through targeted acquisitions of complementary specialty products.
The transaction will introduce a third brand to the PGTI portfolio to include PGT, CGI, and WinDoor. All three business units focus on serving the impact-resistant window and door industry.
"The acquisition of WinDoor aligns with our corporate growth strategy to acquire brands and products that generate revenue and leverage our core capabilities," said Jeff Jackson, PGTI's President, and Chief Operating Officer. "Rapid growth requires us to stay focused on what we know and leverage synergies between 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."
Subject to customary closing conditions, the transaction is expected to close in the middle of the first quarter of 2016.
"I am extremely proud of the commitment and passion of our employees. For over 15 years, we have had a mission of craftsmanship, attention to detail and ultra-high performance. Becoming part of the PGT family allows that mission to continue for many more years to come," commented Frank Lukens, Founder of WinDoor. "We have found a culture and a management team that embody the best of the philosophies on which WinDoor was founded. This is such an exciting moment in the history of WinDoor, and I couldn't imagine a better pairing than WinDoor and PGT."