Window and door manufacturer PGT Inc. (Nasdaq: PGTI) is buying privately-held WinDoor Inc. for $102 million.
WinDoor, located in Orlando, Florida, makes impact-resistant windows and doors for hotels, resorts, high-rise condominiums and residential homes.
For PGT, the deal is part of the company’s growth strategy to expand through deal making. “The acquisition of WinDoor aligns with our corporate growth strategy to acquire brands and products that generate revenue and leverage our core capabilities,” says PGT COO Jeff Jackson. In September 2014, PGT completed its $111 million deal for CGI Windows & Doors Holdings Inc. The company has received financing from Deutsche Bank (NYSE: DB) and SunTrust Robinson Humphrey to help fund the purchase of WinDoor.
Strength in the housing market has been driving deals in the construction industry. According to the Department of Commerce, new U.S. home sales climbed to 495,000 units in October 2015 from 447,000 in September.
Masonite International Corp. (NYSE: DOOR) completed its purchase of USA Wood Door; Morsco, backed by Advent International, has acquired Murray Supply Co.; Wynnchurch Capital is investing in privately-held Gypsum Technologies Inc.
For more on M&A construction trends, see More Construction Means More Building Products M&A.