VENICE — PGT Innovations announced it has signed an agreement to acquire Anlin Industries, also known as Anlin Windows & Doors, for approximately $126 million.
Venice-based PGT, a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor spaces, made the announcement last week.
“This transaction is an excellent opportunity to diversify and expand our market presence across the growing West Coast region,” says Jeff Jackson, president and CEO of PGT Innovations, in a press release. “This acquisition will allow us to better serve both markets by providing a robust product platform under one umbrella. It is also a geographically-strategic addition to complement our western growth strategy.”
Anlin Windows & Doors is headquartered in Clovis, California, and is a recognized western region brand in the vinyl replacement windows and doors market. Jackson also noted in the statement that Anlin is 90% focused on the vinyl remodel and replacement market. The rest of the company's focus of Western Window Systems, PGT's Western Business Unit brand, remains on new home construction with aluminum products.
“In order for us to continue to be the best of breed company that we have become, it was apparent to our leadership team that we had to align ourselves strategically with the resources and technology that PGT Innovations can offer,” says John Maloney, CEO of Anlin Windows & Doors, in the release. “To continue to lead in the market, this acquisition is a natural fit to associate ourselves with a great, national, leading edge company in both the impact window and door market and the indoor-outdoor living market.”
Anlin Windows & Doors will operate under the Western Business Unit of PGT Innovations. Maloney will remain at the company in an advisory role with Mark Maloney assuming the role of VP and general manager of Anlin effective as of the closing of the transaction, which is expected to occur early in the fourth quarter.
“This is a tremendous opportunity for teams at both companies with a long lifespan for great growth potential,” says Jackson. “I am very excited to welcome Anlin’s 460-plus team members to our PGT Innovations’ family of brands.”
The culture at PGT Innovations was what stood out to Anlin's leadership, according to the statement.
“One thing that stood out to our leadership team about PGT Innovations is their culture of putting people first,” says John Maloney. “Primarily, the opportunities they provide for folks to promote from within and their tremendous benefits package from a human resources perspective. Their culture dovetails nicely with what we’ve done here at Anlin, and from that aspect, our philosophies are very much the same,”
Anlin generated approximately $106 million in sales during the trailing twelve months ending in July 2021, with a mid-teen adjusted EBITDA. PGT Innovations paid approximately 8.5x pre-synergies and expects the transaction to be accretive. Additionally, PGT Innovations has committed senior secured financing to fund the transaction.