|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”.