MITER Brands and PGT Innovations entered a definitive merger agreement Jan. 18, where MITER will acquire all outstanding shares of PGT, the two manufacturers of windows and doors announced. The transaction value is estimated to be $3.1 billion

According to company officials, PGT and MITER agreed to merger agreement after PGT’s board of directors determined that MITER’s proposal was “superior” to a December 2023 tentative merger agreement between PGT and Masonite – and, as a result, terminated the Masonite merger agreement and paying a break-up fee of $84 million.

MITER Brands is the parent company for two prominent window-and-door product brands: MI Windows and Doors and Milgard. PGT Innovations’ 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.

“We are confident that MITER’s acquisition of PGTI will result in long-term value creation for all of MITER’s stakeholders and constituencies,” said Matt DeSoto, president and CEO of MITER Brands. “MITER and PGTI are fully aligned in providing world-class service and the finest products with a culture where people, performance, and customer experiences come first.

“Our product mix and geographic presence are highly complementary, and we look forward to delivering enhanced value to our team members, customers, suppliers and local communities.”

“In MITER, we have found a strong partner that shares our commitment to safety, quality, and innovation,” said Jeffrey T. Jackson, PGTI president and CEO. “We are excited to join forces with the MITER team.”

The transaction will be financed in part by an equity investment from Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in MITER, the companies said. Koch Industries is already a big player in the building-products industry. In 2005, the company acquired Georgia Pacific.

The transaction is expected to close by mid-year 2024, subject to PGTI shareholder approval, regulatory approval and customary closing conditions, officials said. QR

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