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PGT Completes Acquisition of CGI Windows & Doors
Time:2015/12/7 Hits:4853

PGT Inc. has completed the acquisition of CGI Windows & Doors Holdings Inc. The transaction, valued at approximately $111 million, is consistent with PGT's plan to grow strategically while contributing to earnings growth through targeted acquisitions of complementary specialty products, according to a PGT release issued today.

"Today we welcome the entire CGI team to our family and couldn't be more pleased to begin our journey together," says Jeff Jackson, president and Chief Operating Officer of PGT Industries. "We also want to welcome the valued CGI customers and thank them for their continued support and partnership. The capabilities and assets the talented CGI team brings will allow us to advance our collective leadership position in the industry."

The acquisition combines two successful companies committed to serving the impact-resistant window and door industry and is expected to:

  • Enhance PGT's position in the growing impact-resistant window and door industry
  • Diversify and broaden PGT's brand and product portfolio
  • Create synergies by maximizing efficiencies and scale including purchasing and logistics
  • Broaden manufacturing footprint and capabilities

With the completion of the transaction, Jeff Jackson is the president and Chief Operations Officer of both PGT and CGI. Steven Dawson will continue with CGI in the expanded role of vice president and general manager. Jorge Santaella will continue to be responsible for operations as director of Manufacturing.

"Our team is thrilled to join the PGT family, and I am honored to continue with CGI in my new role," says Steven Dawson. "With the additional resources and support, CGI will be even better placed to serve our customers while leading as an innovator in product craftsmanship, strength and style."

The Company's stated business strategy is that:

  • CGI will continue to operate and manufacture products in Miami, Florida.
  • CGI will remain a separate and distinct brand in the marketplace.
  • Both Companies will leverage best-practices and synergies to provide incremental value to employees, customers, business partners and stockholders.

PGT will disclose certain financial information regarding the historic performance of CGI on Thursday, Oct. 9, 2014 and will hold a conference call Friday, Oct. 10, 2014, at 10:00 a.m. Eastern time and will simultaneously broadcast it live over the Internet. The webcast will also be available through the Investor Relations section of the PGT Inc. website.

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