PGT Innovations, Inc. (NYSE: PGTI) announced today that its stockholders have voted to approve the definitive merger agreement with MIWD Holding Company LLC (“MITER Brands”) and an amendment to the Amended and Restated Certificate of Incorporation of the Company at a special meeting of the Company’s stockholders.
According to the final voting results for the special meeting filed in a Form 8-K with the U.S. Securities and Exchange Commission on March 18, 2024, under the terms of the definitive merger agreement, MITER Brands will acquire all of the outstanding shares of PGTI common stock for $42.00 per share in cash. The transaction will be financed in part by an equity investment from an affiliate of Koch Equity Development LLC (“KED”), the principal investment and acquisition arm of Koch Industries, Inc. (“KII”), which is a current investor in MITER Brands. The transaction is expected to close later this month, at which point PGTI will become a privately held company, and its common stock will no longer be listed on any public market.
PGTI is a leading manufacturer and supplier of premium windows, doors, and garage doors known for their ability to withstand tough weather conditions. The Company’s highly engineered products are revolutionizing indoor and outdoor living spaces. PGTI creates value through deep customer relationships, understanding market needs, and developing innovative products. The PGTI family of brands includes CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. These brands are preferred choices of architects, builders, and homeowners throughout North America and the Caribbean, offering high-quality products in custom and standard sizes with unlimited design possibilities.
MITER Brands, founded in 1947, is a residential window and door manufacturer producing a portfolio of brands for the new construction and replacement segments. It operates with an owner-operated, family-first approach and is a nationwide supplier of precision-built and energy-efficient products with more than 10 manufacturing facilities throughout the United States. MITER Brands focuses on instilling confidence and driving quality customer experiences through optimized manufacturing, valued relationships, and dedicated team members coast to coast.
KED is the principal investment and acquisition arm of KII, one of the largest privately held businesses in America. Since 2012, KED has deployed more than $35 billion in equity investments and acquisitions. With revenue as high as $125 billion and 120,000 global employees operating in more than 60 countries, KII and its affiliates are key players in the business landscape.
