MITER Brands and PGT Innovations Inc. (“PGTI”) announced they have entered into a definitive merger agreement for MITER to acquire all outstanding shares of PGTI at a price of $42.00 per share in cash, or an enterprise value of approximately $3.1 billion.
The merger agreement has been unanimously approved by the boards of directors of both companies. The transaction will be financed in part by an equity investment from KochEquity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in MITER.
PGTI also announced that it has terminated its merger agreement with Masonite International Corp. dated December 17, 2023. In accordance with PGTI’s merger agreement with Masonite, concurrent with the signing of PGTI’s definitive merger agreement with MITER, PGTI terminated its merger agreement with Masonite and MITER, on behalf of PGTI, paid the termination fee of $84 million due to Masonite.
MITER’s transaction with PGTI is expected to close by mid-year 2024, subject to PGTI shareholder approval, regulatory approval and customary closing conditions. MITER has obtained commitment letters for the financing necessary to complete the transaction, which is not subject to a financing condition. Upon completion of the transaction, PGTI will become a privately held subsidiary of MITER and its common stock will no longer be traded on the NYSE.
Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach.
PGT Innovations manufactures and supplies premium windows, doors, and garage doors.
