
Window and door manufacturer Andersen Corporation has signed a definitive agreement to sell its hollow-core vinyl window and patio door manufacturing businesses, including its Silver Line and American Craftsman brands, to Ply Gem.
The $190 million purchase agreement includes Silver Line’s four manufacturing plants and associated distribution and support services. The purchase price is ten times the trailing 12-month EBITDA for Silver Line through the second quarter of 2018.
"This divestiture is part of Andersen's broader strategy to sharpen our focus on our Andersen, Renewal by Andersen and specialty brands, continue to make the significant investments required to support our fast-growing, proprietary, Fibrex engineered composite products, and deliver exceptional value to our customers for years to come," says Andersen Corporation chairman and CEO Jay Lund. "In addition, we believe the Silver Line and American Craftsman brands and the talented employees who have built these brands will have continued growth opportunities under Ply Gem's stewardship."
Over 4,000 employees associated with Silver Line’s manufacturing and services will transition with Silver Line to Ply Gem. With regulatory review and approval, the purchase is expected to close in the fourth quarter of 2018.
"The Silver Line and American Craftsman brands are industry leading brands and have been trusted by customers and consumers for over 60 years and Ply Gem is excited to add them to our existing portfolio of quality window products," said Gary E. Robinette, Ply Gem's Chairman and CEO.