Manufacturer acquires complementary business for $360 million
VENICE — Window and door manufacturer PGT Innovations will acquire Western Window Systems from PWP Growth Equity for $360 million in cash.
According to a press release, the acquisition will allow PGT to expand its product portfolio in the premium and contemporary indoor/outdoor window and door category and to expand into new geographic markets.
“This transaction unites two highly complementary businesses to create a national leader in the premium window and door space, with an expanded product portfolio tailored to provide significant benefits for our collective customers," says PGT Innovations President and CEO Jeff Jackson in a statement. "With a developed footprint across the South and West, we believe the combined company will be well positioned to drive profitable, sustained growth, including opportunities to introduce our respective products to each other’s customer base."
Western Window Systems' 330 employees will join PGT. When the transaction is complete, Western Window Systems President and CEO Scott Gates will join PGT Innovations’ leadership team as senior vice president of PGT Innovations and president of Western Window Systems. The other members of Western Window Systems’ leadership team are expected to maintain leadership roles at the combined company.
After the transaction, Western Window Systems will become a wholly owned subsidiary of PGT Innovations. Western Window Systems will operate and manufacture products as a distinct brand. PGT will retain its headquarters in Venice. The combined company will maintain manufacturing operations in Arizona.
The transaction is expected to be completed in the third quarter of 2018.