Ply Gem will acquire Silver Line
Andersen Windows and Doors is selling its hollow core vinyl window and patio door business, including the Silver Line and American Craftsman brands, to Ply Gem, a leading manufacturer of building products used in both new construction and home repair and remodeling across the United States and Canada.
"This divestiture is part of Andersen's broader strategy to sharpen our focus on our Andersen, Renewal by Andersen and specialty brands, continue to make the significant investments required to support our fast-growing, proprietary, Fibrex engineered composite products, and deliver exceptional value to our customers for years to come," said Andersen Corporation Chairman and CEO Jay Lund.
"In addition, we believe the Silver Line and American Craftsman brands and the talented employees who have built these brands will have continued growth opportunities under Ply Gem's stewardship."
Ply Gem will acquire the four Silver Line manufacturing plants, associated distribution and support services for $190 million, which represents a 10X multiple of Silver Line's trailing 12-month EBITDA through the second quarter of 2018. The more than 4,000 employees working in these locations and functions will transition to Ply Gem with the business.
"The Silver Line and American Craftsman brands are industry leading brands and have been trusted by customers and consumers for over 60 years and Ply Gem is excited to add them to our existing portfolio of quality window products," said Gary E. Robinette, Ply Gem's Chairman and CEO.
The transaction is expected to close by early in the fourth calendar quarter of 2018, subject to regulatory review and approval.