Andersen Corporation to Sell Silver Line Division to Ply GemAugust 28th, 2018 by Drew Vass, Executive Editor
Today Anderson Corporation announced that it has signed a definitive agreement to sell its hollow core vinyl window and patio door business, including the Silver Line and American Craftsman brands, to Ply Gem. The company says it has seen a vast amount of growth, persuading it to sell the Silver Line and American Craftsman lines to be able to focus on its bigger brands.
“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.”
Ply Gem will take over the four Silver Line manufacturing plants, associated distribution and support services for $190 million. This represents a ten times multiple of Silver Line’s 12-month EBITDA through 2018’s second quarter, according to Andersen Corp. The 4,000 plus employees who work in these factories will continue their employment with Ply Gem.
“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,” says Ply Gem’s Chairman and CEO, Gary E. Robinette.
The sale is expected to finalize early in the fourth quarter of 2018, and is subject to regulatory review and approval.