We are advising PGT Innovations on the transaction

Davis Polk is advising PGT Innovations, Inc. on its acquisition by MITER Brands. Under the terms of the transaction, MITER will acquire all outstanding shares of PGT at a price of $42.00 in cash, or an enterprise value of approximately $3.1 billion. The acquisition has been unanimously approved by the board of directors of both companies, and is expected to close by mid-year 2024, subject to PGT shareholder approval, regulatory approval and customary closing conditions.

MITER and PGT entered into their agreement after the PGT Board unanimously determined that MITER’s proposal constituted a “superior proposal” to PGT’s previous acquisition agreement with Masonite, dated December 17, 2023, on which Davis Polk also advised PGT.

PGT Innovations manufactures and supplies premium windows, doors and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on Earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces.

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. MITER Brands is the combination of two fast-growing regional product brands: MI Windows and Doors and Milgard Windows and Doors. MITER is a nationwide supplier of precision-built and energy-efficient products, with more than 10 manufacturing facilities throughout the United States servicing thousands of dealers. 

The Davis Polk M&A team includes partners John D. Amorosi and Evan Rosen and associates Steven Jaffe and Jeff Wu. Partner Shane Tintle is providing corporate advice. Partner Kyoko Takahashi Lin and associate Chloe Wang are providing executive compensation advice. Partner Arthur J. Burke and associate Benjamin M. Miller are providing antitrust and competition advice. Partner Robert F. Smith is providing finance advice. All members of the Davis Polk team are based in the New York office.

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