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Strategies & Market Trends : Speculating in Takeover Targets
CTG 7.950-0.5%3:59 PM EDT

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From: E_K_S12/10/2019 9:47:29 AM
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PGTI To acquire NewSouth Window Solutions
Dec. 10, 2019 9:45 AM ET|About: PGT Innovations, Inc. (PGTI)|By: Jignesh Mehta, SA News Editor

PGT Innovations ( PGTI +0.7%) has signed a definitive agreement to acquire NewSouth Window Solutions for a purchase price of $92M in cash, subject to adjustments.

NewSouth is a manufacturer and installer of factory-direct, energy-efficient windows and doors, including both impact-resistant and non-impact residential products.

Sherri Baker, Senior Vice President and CFO of PGT Innovations: “NewSouth has a strong track record of sales growth and is forecasted to achieve net sales for 2019 in the range of ~$82M to $85M and EBITDA margin in the mid-teens, inclusive of acquisition synergies, with retail margins similar to PGTI’s legacy business, including solid margins in NewSouth’s non-impact product line”.
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