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N. VENICE, Fla., Dec. 18, 2013 (GLOBE NEWSWIRE) -- PGT, Inc. (Nasdaq:PGTI), the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors (the "Company" or "PGT"), today announced that JLL Partners, Fund IV, L.P. ("JLL"), the Company's majority stockholder since January 2004, distributed approximately 6,300,000 shares of the Company's common stock to its partners and no longer holds any of the Company's common stock.
"JLL's divestiture of its investment in the Company in an organized and controlled fashion has been both a natural and expected step in our evolution into a fully independent publicly traded company," said PGT's President and Chief Executive Officer, Rod Hershberger. "JLL has been an exceptional partner, and the support and guidance they provided the Company proved critically important as we navigated the housing crisis and emerged both financially sound and poised to take advantage of current opportunities for continued profitable growth for our shareholders."
Paul Levy, Founder and Managing Partner of JLL said, "Since 2004, JLL worked closely with PGT management to execute a series of operational and capital markets initiatives to provide the Company with financial flexibility, as well as position the business for the impending market recovery, which is now fully underway. Looking back, the Company's record of not only surviving but gaining momentum and market share through the housing crisis is a testament to the strength and depth of PGT's senior leadership and the collaborative relationship between JLL, the independent directors and the Company. Our time with PGT was both rewarding and personally enjoyable, and looking forward, I believe current and future shareholders will benefit from the Company's excellent reputation and first-rate management team."
JLL acquired substantially all of the equity interests of the Company on January 29, 2004, and held majority interest until May 2013, when it concurrently sold, approximately 12.7 million shares in an underwritten offering and 6.8 million shares to the Company. Those transactions decreased JLL's ownership to approximately 27.9% of the outstanding common stock of PGT. In September, JLL distributed shares to its partners, decreasing its ownership to approximately 13.7%, which it maintained until its most recent distribution on December 12th.