PGT Innovations, the South Florida-based company best known for producing impact-resistant windows and doors, announced it will acquire Western Window Systems, an Arizona firm that makes glass walls, windows, and indoor/outdoor patio door systems.
PGT will spend $360 million in cash to acquire Western Window Systems from Perella Weinberg Partners, the company said in a July 24 news release. Together, the companies will have annual net sales of $706 to $732 million and adusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $135 million to $148 million, the press release said. That works out to an adjusted EBITDA margin of 19% to 20%.
Following the deal, Phoenix-based Western Window Systems will become a wholly owned subsidiary of PGT and will operate as a separate and distinct brand.
"This transaction supports PGT Innovations’ expansion outside of Florida, an important component of its strategic roadmap for growth," PGT said in a news release. "With the addition of Western Window Systems, PGT Innovations expects to gain a strategic platform in important and growing geographies throughout the western United States, including California, Texas, Arizona, Nevada, Colorado, Oregon, Washington and Hawaii." In all, Western Window Systems serves 40 states.
This article originally appeared on BUILDER's sister site, ProSales.
