PGT Innovations, Inc. acquired Martin Door Manufacturing, Inc. for approximately $190 million.
October 16, 2022
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PGT Innovations, Inc. (NYSE:PGTI) entered into an agreement to acquire Martin Door Manufacturing, Inc. for approximately $190 million on October 14, 2022. PGT Innovations entered into a new, five-year, $250 million Revolving Credit Facility which will be utilized, along with cash on hand, to fund the transaction. Martin will operate under the Western Division of PGT Innovations. Martin's CEO Scott Huntsman will remain with the company and assume the role of President of Martin Doors.173 Martin team members will join PGT Innovations team. PGT Innovations expects the transaction to be immediately accretive to EBITDA margin, accretive to adjusted EPS within first year. Deutsche Bank Securities Inc. is serving as financial advisor and Evan Rosen, Shane Tintle, Kyoko Takahashi Lin, J.W. Perry , Robert F. Smith Davis, Frank J. Azzopardi and Patrick E. Sigmon of Davis Polk & Wardwell LLP is serving as legal counsel to PGT Innovations. KeyBanc Capital Markets Inc. is serving as financial advisor and Michael Best & Friedrich LLP is serving as legal counsel to Martin Door. Stoel Rives LLP acted ad legal advisor to Martin Door Manufacturing, Inc.
PGT Innovations, Inc. (NYSE:PGTI) completed the acquisition of Martin Door Manufacturing, Inc. on October 17, 2022.
PGT Innovations, Inc. manufactures and supplies premium windows, doors, garage doors, and fully customizable overhead garage doors. The Company manufactures diverse lines of products, intended to appeal to different segments of the market, at different price-points, including high-end, luxury, premium and mass-custom fully customizable aluminum and vinyl windows and doors and porch enclosure products, targeting both the residential repair and remodeling and new construction end markets. The Company's geographic segments include the Southeast segment and the Western segment. It offers a complete line of fully customizable, non-impact-resistant aluminum frame windows and doors. Its PGT family of brands include CGI, PGT Custom Windows and Doors, WinDoor, Western Window Systems, Anlin Windows & Doors, Eze-Breeze, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The Company also markets a line of window and door products designed to unify indoor/outdoor living spaces.