PGT Inc is spending money to make money.

That can be seen by has provided certain financial highlights from the historical results of CGI Windows and Doors Holdings Inc. (CGI), in connection with a merger completed on September 22, 2014.

“As previously disclosed on September 22, 2014, we completed the acquisition of CGI. The transaction, valued at approximately $111 million, is consistent with PGT’s plan to grow strategically while contributing to earnings growth through targeted acquisitions of complementary specialty products,” says PGT’s president and chief operating officer, Jeff Jackson. “The historical results of CGI show solid sales growth and consistent high margins.”

The records show that PGT acquired CGI after CGI had experienced a year of growth, including:

  • Net sales of $32.8 million in 2013, an increase of $8.3 million, or 34 percent over 2012;
  • Net income of $1.5 million in 2013, compared to net loss of $480 thousand in 2012
  • Net sales of $19.1 million for the six months ended June 30, 2014, an increase of $5.3 million, or 38 percent over the same period in 2013; and
  • Net income of $1.3 million for the six months ended June 30, 2014, compared to net loss of $54 thousand for the same period in 2013

“We financed this acquisition with a $200 million term loan and an undrawn $35 million revolving facility,” says Brad West, PGT’s chief financial officer. “The term loan paid off existing indebtedness and third party fee in connection with the acquisition.”


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