Ply Gem Industries to Purchase Alenco
Ply Gem Industries Inc., headquartered in Kearney, Mo., and its private equity sponsor, Caxton-Iseman Capital Inc., have announced that Ply Gem has entered into a definitive agreement to purchase AWC Holding Company and its subsidiary Alenco in a cash transaction valued at approximately $120 million. Alenco is a low-cost, vertically integrated manufacturer of aluminum and vinyl windows and doors, headquartered in Bryan, Texas.
Completion of the transaction, which is expected to occur in or before March 2006, is subject to customary closing conditions.
"We expect the combination of Ply Gem and Alenco will enable us to capitalize on attractive market opportunities," said Lee D. Meyer, president and chief executive officer of Ply Gem. "Alenco is an important element in establishing a footprint to serve our growing regional and national customers and accelerate our growth in the window segment. Alenco's products and service capabilities are extremely well respected and utilized in new construction. We look forward to joining forces with Brian Redpath, his outstanding management team and all of the Alenco employees."
"We are pleased by the progress we have made in our Ply Gem investment," added Robert A. Ferris, managing director of Caxton-Iseman Capital. "Since we acquired the company in February of 2004, Lee Meyer and his team have continued to post solid financial and operating results. We believe the acquisition of Alenco and its great product line presents Ply Gem with many exciting opportunities. The entire senior management team led by Brian Redpath will remain in place and will have an important equity investment in Ply Gem."
DWM is a registered trademark of Key Communications