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PGT Inc. has acquired a Miami firm and formed a new subsidiary to further its push into the commercial market in South Florida and beyond.
The Venice-based company's purchase of U.S. Impact Systems comes as it has formed CGI Commercial, a new subsidiary, according to a release.
U.S. Impact, a PGT fabricator of storefront doors and windows for the past four years, will become part of CGI Windows & Doors, an existing PGT affiliate formed in 1992 that operates a manufacturing plant with more than 320 employees in Miami.
U.S. Impact also will help PGT — the nation's leading impact-resistant residential window and door supplier — by adding capabilities such as fabricating and glazing windows and door frames, the release adds.
The deal is valued at $2 million, with the potential for an additional $2 million to be paid by the end of the third quarter of 2018 if certain performance markers are hit. PGT closed the transaction Aug. 31. It is not anticipated to have a material impact on the company's earnings in 2016.
“As we position ourselves for growth in the commercial market, this acquisition is a way to further develop our in-house commercial capabilities and control costs in the future,” says Brad West, PGT's chief financial officer, in the release.
CGI Commercial will focus initially on the Miami market.
“We continually seek out new opportunities to grow our market reach and better serve our customers,” says Jeff Jackson, PGT's president and COO, in the statement. “The formation of CGI Commercial and the acquisition of U.S. Impact Systems will allow us to do exactly that.”
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