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.
The transaction will combine two successful companies committed to serving impact-resistant window and door industry. The acquisition is expected to:
- 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
"The acquisition of CGI Windows & Doors is consistent with our stated growth plan to acquire revenue generating products that leverage our core capabilities. More importantly, as we learned more about CGI and met with their team, it became clear that our respective missions and cultures are really well aligned," said Rod Hershberger, Chairman of the Board and Chief Executive Officer of PGT. "This is an ideal acquisition for PGT, and it will provide important synergies while enhancing our leadership position within the industry. I couldn't be more thrilled as this acquisition will allow us to diversify our brand and product portfolios in a cost-effective manner. By adding top line sales and achieving synergies, we are confident this will drive growth in stockholder value."