Ply Gem Holdings, Inc., a leading North American building products manufacturer, has entered into a definitive purchase agreement with Clayton, Dubilier & Rice (CD&R). Clayton will acquire all outstanding Ply Gem shares, and also agreed to acquire Atrium Windows & Doors and plans to combine the companies. The combined deal will create an exterior building products company with total revenue of more than $2.4 billion in 2017.
The transactions are expected to close simultaneously in the second quarter of 2018 and are subject to the receipt of customary closing conditions, including regulatory approvals. Closing of the acquisition of Ply Gem is not subject to the closing of the acquisition of Atrium.
The new Ply Gem will continue to be headquartered in Cary, N.C., and current Ply Gem CEO Gary Robinette will continue in role with the new company.
The Ply Gem Board’s unanimous approval of this transaction is based on the conviction that it delivers superior value to shareholders,” Robinette said in a news release.
This support, along with the expanded business and product portfolio of the new combined company, will establish a stronger window platform with manufacturing scale and channel distribution advantages for customers. Together with the talented Atrium team, we look forward to providing exceptional value and service to all of our customers and rewarding career opportunities for our associates.”
“We are excited to combine with Ply Gem and look forward to the synergies that will be achieved through an enhanced product breadth and stronger North American platform, which will allow us to drive topline growth and customer value,” said Ron Cauchi, Atrium CEO.
“This is a transformational milestone for two highly complementary businesses,” said Nate Sleeper, Partner at CD&R. “Together, Ply Gem and Atrium have a well-positioned platform across North America, a deep set of capabilities to serve customers, and a strong foundation for long-term growth and value creation.”