Ply Gem might have a competing offer to its recently announced private-equity deal to merge with Atrium.

Private-equity firm Hellman & Friedman could submit a bid for Ply Gem that beats the $2.4 billion offered by Clayton, Dubilier & Rice (CD&R), according to a report from the New York Post on Thursday that cites “two sources familiar with H&F’s thinking.” On January 31, Ply Gem and Atrium were acquired by CD&R, which will combine them to create a huge exterior building products company. Those simultaneous deals are still subject to final approvals, and are expected to close in the second quarter of 2018.

Hellman & Friedman already owns Associated Materials, a manufacturer and distributor of building products, including doors and windows. Its net sales were about $1.1 billion in 2015. Windows represent about 35 percent of Associated Materials’ business and are sold by brands including Alside, Revere and Alpine. Hellman & Friedman bought Associated Materials from Harvest Partners and Investcorp S.A. for about $1.3 billion  in 2010.


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