M&A Deal Summary

PGT Innovations Acquires CGI Windows and Doors

On July 28, 2014, PGT Innovations acquired building materials company CGI Windows and Doors from Cortec Group and NewStar Financial for 111M USD

Acquisition Highlights
  • This is PGT Innovations’ 2nd transaction in the Building Materials sector.
  • This is PGT Innovations’ 4th largest (disclosed) transaction.
  • This is PGT Innovations’ 2nd transaction in the United States.
  • This is PGT Innovations’ 2nd transaction in Florida.

M&A Deal Summary
Date 2014-07-28
Target CGI Windows and Doors
Sector Building Materials
Buyer(s) PGT Innovations
Sellers(s) Cortec Group
NewStar Financial
Deal Type Add-on Acquisition
Deal Value 111M USD

Target

CGI Windows and Doors

Miami, Florida, United States
CGI Windows and Doors is a producer of high quality, architectural-grade impact-resistant aluminum windows and doors. The Company?s products meet or exceed the most demanding testing standards and offer superior protection from high-velocity wind and airborne debris resulting from hurricanes and tropical storms. CGI services residential single and multifamily, commercial and government/institutional markets for new construction, remodeling and replacement applications.

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Buyer(S) 1

Buyer

PGT Innovations

North Venice, Florida, United States
Category Company
Founded 1980
Sector Building Materials
Employees3,500
Revenue 883M USD (2020)
DESCRIPTION

PGT Innovations is a manufacturer and supplier of impact-resistant windows and doors through its WinGuard-branded product line. PGT’s impact-resistant products combine aluminum or vinyl heavy-duty frames with laminated glass to provide protection from hurricane-force winds and windborne debris. PGT Innovations was founded in 1980 and is based in North Venice, Florida.

DEAL STATS #
Overall 2 of 8
Sector (Building Materials) 2 of 8
Type (Add-on Acquisition) 2 of 8
State (Florida) 2 of 4
Country (United States) 2 of 8
Year (2014) 1 of 1
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-18 The Hurricane Window & Door Factory

Fort Myers, Florida, United States

The Hurricane Window & Door Factory LLC designs and manufactures The Protector Series, one of the highest air, water and structurally rated vinyl impact product lines for the single and multi-family residential markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-16 WinDoor

Orlando, Florida, United States

WinDoor, Inc. is a provider of high-performance, impact-resistant windows and doors for five-star resorts, luxury high-rise condominiums, hotels and custom residential homes.

Buy -

Seller(S) 2

SELLER

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.

DEAL STATS #
Overall 22 of 35
Sector (Building Materials) 5 of 6
Type (Add-on Acquisition) 8 of 9
State (Florida) 2 of 4
Country (United States) 22 of 34
Year (2014) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-22 PurposeBuilt Brands

Gurnee, Illinois, United States

PurposeBuilt Brands creates products that can be trusted to perform optimally on people’s valued services, spaces and equipment and are formulated to be better for them, their families, their businesses and the environment. PurposeBuilt Brands was founded in 1941 and is based in Gurnee, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-18 Vidaris

New York, New York, United States

Vidaris, Inc. is a provider of niche consulting services within the architecture, engineering and construction industries focusing on high‐performance buildings and specialty structures. Vidaris, Inc. was founded in 1923 and is based in New York City.

Buy -
SELLER

NewStar Financial

Boston, Massachusetts, United States
Category Company
Founded 2004
Sector Financial Services
Employees122
Revenue 220M USD (2015)
DESCRIPTION

NewStar Financial, Inc. is an internally-managed, commercial finance company with $7.3 billion of assets managed across two complementary business lines — middle market direct lending and asset management. The Company's direct lending activities are focused on meeting the complex financing needs of companies and private investors in the middle markets through specialized lending groups that offer a range of flexible debt financing options. Credit investments are originated directly through teams of experienced, senior bankers and marketing officers organized around key industry and market segments. Through its asset management platforms, NewStar offers a range of investment products employing credit-oriented strategies focused on middle market loans and liquid, tradeable credit.

DEAL STATS #
Overall 3 of 6
Sector (Building Materials) 2 of 3
Type (Add-on Acquisition) 2 of 3
State (Florida) 1 of 2
Country (United States) 3 of 6
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-05 HCPro

Middleton, Massachusetts, United States

HCPro is a provider of integrated information, education and training in the vital areas of healthcare regulation and compliance. HCPro was founded in 1986 and is based in Middleton, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-31 Custom Windows & Doors

Ocala, Florida, United States

Custom Window Systems, Inc. is a designer and manufacturer of windows, doors, and porch enclosure products in the southeastern United States. CWS offers a full range of aluminum impact-resistant windows and doors, aluminum and vinyl non-impact windows and doors, and porch enclosure products. Custom Window Systems, Inc. was founded in 1986 and is based in Ocala, Florida.

Buy -
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