N. VENICE, Fla., July 28, 2014 (GLOBE NEWSWIRE) -- PGT, Inc. (Nasdaq:PGTI), the nation's leading manufacturer and supplier of residential impact-resistant windows and doors, announced today that it has entered into a definitive agreement with CGI Windows & Doors Holdings, Inc. (a portfolio company of Cortec Group Fund, IV, LP) pursuant to which CGI will become a wholly owned subsidiary of PGT. The transaction, valued at approximately $111 million, is consistent with PGT's plan to grow strategically while contributing to earnings growth through targeted acquisitions of complementary specialty products. The acquisition is expected to be accretive in 2015.
- Enhance PGT's leadership position in the growing impact-resistant window and door industry
- Strengthen the Company's ability to compete against national suppliers and other storm protection systems
- Diversify and broaden PGT's brand portfolio, including the addition of impact-resistant entry doors
- Create synergies by maximizing efficiencies and scale including purchasing and logistics
- Broaden manufacturing footprint and capabilities