PGT Innovations Completes Acquisition of Western Window Systems
Company Press Release
PGT Innovations (“The Company”), a national leader in the premium window and door category, announced that it has completed its acquisition of Western Window Systems.
Jeff Jackson, President and Chief Executive Officer of PGT Innovations, said, “With the completion of this acquisition, we have positioned PGT Innovations as a national leader in the premium window and door space, with a diversified geographic footprint, customer base, and a higher margin profile. We are pleased with the strong support we received during our debt offering from investors who recognize our track record of quickly delivering following acquisitions. As a larger company with a broader product portfolio, we believe we can better serve our customers, be more profitable and drive enhanced value for our shareholders. Today we officially welcome the Western Window Systems team into the PGT Innovations family of brands. We look forward to building on both companies’ records of growth and success.”
Scott Gates, Senior Vice President of PGT Innovations and President of Western Window Systems, said, “I am thrilled to enter this next chapter with strong operational momentum and a partner who shares our focus on customer service and product innovation. I believe the future is bright for the combined company as we bring together our strong brands to service our collective customers’ total business needs. Our entire team is excited for the future and what we can achieve together.”
As previously announced on July 24, 2018, the Company increased its 2018 outlook for legacy PGT Innovations based on strong second quarter results. The Company also provided a full year estimate for Western Window Systems. PGT Innovations expects to provide revised full year 2018 guidance to reflect the positive impact of the Western Window Systems acquisition when it reports financial results for the third quarter of 2018.
The Company also announced on August 2, 2018 the pricing of its $315 million senior notes due 2026 at 6.75%. This was the Company’s first capital raise in the notes market and their ability to execute, combined with positive investor sentiment, resulted in quick execution and a favorable result.
About PGT Innovations
PGT Innovations manufactures and supplies premium windows and doors. Their highly-engineered and technically-advanced products can withstand some of the toughest weather conditions on earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index. The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows & Doors, WinDoor®, Western Window Systems® and CGI Commercial®. The Company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects.
Brad West – Senior Vice President and CFO – BWest@PGTInnovations.com – (941) 480-1600
Danielle Mikesell – Senior Vice President, Marketing & Innovation – DMikesell@PGTInnovations.com – (941) 480-1600
Source: PGT Innovations, Inc.