Miter Brands Completes Acquisition of PGT Innovations

March 28th, 2024 by Editor

Miter Brands, parent company to MI Windows and Doors and Milgard Windows and Doors, announced today the successful completion of its acquisition of PGT Innovations (PGTI). The closing marks the end of a deal characterized by a string of competing offers.

In October 2023, Miter Brands tendered an offer for PGTI at $1.9 billion. PGTI rejected the deal. In December, Miter upped its offer to $2.2 billion, only to be turned down again. Days later, PGTI accepted a deal from Masonite, in which the company agreed to purchase PGTI for $2.2 billion. But on January 3, PGTI announced a third, unsolicited offer from Miter, this time for $41.50 per share—50 cents higher than the deal with Masonite. PGTI’s board determined that the revised proposal from Miter was superior, ultimately resulting in an enterprise value of approximately $3.1 billion.

The acquisition “combines two of the industry’s most innovative and customer-focused companies as they combine under a shared vision to build the most valued window and door brand in America,” officials for Miter suggest. The goal includes accelerating innovation, enhancing product offerings, and expanding market reach.

“Our journey has always been about more than just windows and doors; it’s about reframing what is possible and creating unmatched value for our team members, customers, supply partners, and local communities,” said Matt DeSoto, CEO of Miter Brands. “With PGT Innovations becoming part of our family of brands, we are excited to work together towards our vision of building the most valued window and door brand in America.”

The acquisition was financed in part by an equity investment from an affiliate of Koch Equity Development LLC, an existing investor in Miter Brands.

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