MITER Brands Completes Acquisition of PGT Innovations, Inc.
March 28 2024 - 8:35AM
Business Wire
PGT Innovations, Inc. (“PGTI” or the “Company”) (NYSE: PGTI)
today announced that MIWD Holding Company LLC (“MITER Brands”)
completed the acquisition of PGTI. The transaction was announced on
January 17, 2024, and received approval of PGTI's stockholders on
March 18, 2024. In accordance with the definitive merger agreement,
PGTI stockholders will receive $42.00 in cash for each share of
PGTI common stock.
With the completion of the acquisition, PGTI's common stock has
ceased trading and will no longer be listed on the NYSE. The
transaction was financed in part by an equity investment from an
affiliate of Koch Equity Development LLC (“KED”), the principal
investment and acquisition arm of Koch Industries, Inc. (“KII”),
that is a current investor in MITER Brands.
Advisors
KeyBanc Capital Markets Inc. and RBC Capital Markets acted as
financial advisors and provided committed debt financing to MITER
Brands. Stinson LLP acted as legal counsel and Simpson Thacher
& Bartlett LLP acted as debt financing counsel to MITER Brands.
Evercore served as exclusive financial advisor to PGTI, and Davis
Polk & Wardwell LLP served as legal counsel to PGTI. Rothschild
& Co US Inc. served as financial advisor to Koch Equity
Development LLC, Jones Day served as its legal counsel, and Gibson,
Dunn & Crutcher LLP served as its tax counsel.
About PGTI
PGTI manufactures and supplies premium windows, doors, and
garage doors. Its 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. PGTI creates value through deep
customer relationships, understanding the unstated needs of the
markets it serves, and a drive to develop category-defining
products. The PGTI 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’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. For additional information, visit
http://www.pgtinnovations.com.
About MITER Brands
Founded in 1947, MITER Brands is a residential window and door
manufacturer that produces a portfolio of window and door brands
for the new construction and replacement segments with an
owner-operated, family-first approach. MITER Brands is the
combination of two fast-growing regional product brands: MI Windows
and Doors and Milgard Windows and Doors, and is a nationwide
supplier of precision-built and energy-efficient products with more
than 10 manufacturing facilities throughout the United States.
MITER Brands instills confidence and drives quality customer
experiences through optimized manufacturing, valued relationships,
and dedicated team members coast to coast. For more information,
visit www.miterbrands.com.
About KED
KED is the principal investment and acquisition arm of KII, one
of the largest privately held businesses in America. Since 2012,
KED has deployed more than $35 billion in equity investments and
acquisitions. With as high as $125 billion of revenue, KII is a
U.S.-based business and, along with the Koch companies, has 120,000
global employees operating in more than 60 countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240327387754/en/
For MITER Brands: Ira Gorsky
/ Patrick Ryan miterbrands@edelmansmithfield.com 732.740.5872
For PGTI: Investors: Craig
Henderson Chief Financial Officer CHenderson@PGTInnovations.com
941.480.1600
FGS Global PGTI@fgsglobal.com 212.687.8080
PGT (NYSE:PGTI)
Historical Stock Chart
From Jan 2025 to Feb 2025
PGT (NYSE:PGTI)
Historical Stock Chart
From Feb 2024 to Feb 2025