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The multiyear comeback at PGT, a Venice-based impact-resistant window and door manufacturer, has taken another major step forward.
The latest: The firm, one of the largest employers in the Sarasota-Bradenton region, acquired Orlando-based WinDoor, with a niche in doors and related products for luxury high-end condos, hotels and custom homes. PGT will pay about $102 million for WinDoor. The deal marks the second major acquisition for PGT in the last 18 months; the company bought Miami-based CGI Windows & Doors Holdings in July 2014 for $111 million.
Publicly traded PGT (Symbol: PGTI; recent price: $11.37) had $306 million in sales last year, and company officials say the WinDoor deal should be a big revenue generator in 2016. The deal is expected to close in February, says PGT President and COO Jeff Jackson. “The acquisition fits really well with out strategy of expanding in high-end markets,” Jackson tells Coffee Talk.
The deal is also an example of sustained patience for Jackson, who started at PGT in 2005. Jackson reached out to WinDoor co-founder and President Frank Lukens soon after he got to PGT, mostly to get to know other industry players. The pair developed a friendship, albeit a competitive one, and Jackson often ended lunches and meetings with a “if you ever want to sell...”
Lukens called Jackson earlier this summer with some news: He was ready to sell. The deal was worked out over the next few months.
WinDoor will continue operations under a separate brand name. In addition to increased sales, PGT officials expect WinDoor to boost margins, increase product lines and enhance the firm's national expansion efforts.
The deal, say PGT officials, is also a protective. “From a defensive standpoint,” says Jackson, “I'd rather buy the company than have some national firm from another state buy it.”
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