CD&R closes on Ply Gem and Atrium acquisitions
Clayton, Dubilier & Rice (CD&R) has completed its acquisition of building products manufacturer Ply Gem.
CD&R, a private equity firm with offices in New York, has acquired all of the outstanding shares of Ply Gem common stock in a go-private transaction valued at approximately $2.4 billion. Ply Gem’s board of directors unanimously approved the agreement, which provides for the payment of $21.64 per share in cash to all holders of Ply Gem common stock.
The cash purchase price represents a premium of approximately 20% over Ply Gem’s closing stock price on Jan. 30, CD&R said.
CD&R reported that it has also completed its acquisition of Atrium Windows & Doors and combined the company with Ply Gem to create an exterior building products company with total revenue of more than $2.4 billion in 2017.
Following the transactions, CD&R funds own approximately 67% of the new privately-held company, and Atrium shareholders, which includes funds managed by San Francisco-based Golden Gate Capital, hold approximately 33%.
The new Ply Gem will continue to be headquartered in Cary, N.C. with Gary Robinette, currently chairman and CEO of Ply Gem, continuing as Chairman and CEO of the new, combined company. John Krenicki, a CD&R operating partner and former vice chairman of General Electric Company, has assumed the role of Lead Director of the Board.
Ply Gem’s products include windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and mouldings, vinyl fencing and railing, stone veneer, roofing and gutterware products, used in both new construction and home repair and remodeling across the United States and Canada.
CD&R, a private equity firm with offices in New York, has acquired all of the outstanding shares of Ply Gem common stock in a go-private transaction valued at approximately $2.4 billion. Ply Gem’s board of directors unanimously approved the agreement, which provides for the payment of $21.64 per share in cash to all holders of Ply Gem common stock.
The cash purchase price represents a premium of approximately 20% over Ply Gem’s closing stock price on Jan. 30, CD&R said.
CD&R reported that it has also completed its acquisition of Atrium Windows & Doors and combined the company with Ply Gem to create an exterior building products company with total revenue of more than $2.4 billion in 2017.
Following the transactions, CD&R funds own approximately 67% of the new privately-held company, and Atrium shareholders, which includes funds managed by San Francisco-based Golden Gate Capital, hold approximately 33%.
The new Ply Gem will continue to be headquartered in Cary, N.C. with Gary Robinette, currently chairman and CEO of Ply Gem, continuing as Chairman and CEO of the new, combined company. John Krenicki, a CD&R operating partner and former vice chairman of General Electric Company, has assumed the role of Lead Director of the Board.
Ply Gem’s products include windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and mouldings, vinyl fencing and railing, stone veneer, roofing and gutterware products, used in both new construction and home repair and remodeling across the United States and Canada.