Venice, FL—PGT Innovations, Inc. (NYSE: PGTI), a manufacturer of storm-proof non-wood windows and doors windows and doors, acquired Martin Door Holdings, Inc. for $185 million.
Martin, with $60 million in sales and 173 employees, is headquartered in Salt Lake City, UT, and is a leading custom manufacturer of premium overhead garage doors and hardware serving the Western U.S. residential and commercial markets
PGT, whose business is centered in Florida, says the deal is part of a broader effort to scale up and deepen its geographic reach, as well as move into adjacent building product categories that complement its current window and door brands. The addition of Martin’s established brand in the growing Western markets, an area currently served by two of PGT Innovations’ window and door brands – Western Window Systems and Anlin Windows & Doors.
“PGT Innovations has been expanding our geographic footprint and product portfolio over the past several years with great success,” says Jeff Jackson, president and CEO of PGT Innovations. “This transaction continues that trend and brings us into a new market of garage doors.” Jackson estimates garage doors as a $3.6 billion segment.
Headquartered in Salt Lake City, with 85+ years of operating history, Martin is known in its industry for manufacturing beautiful, high-quality, and fully customizable products to both commercial and residential end markets. The company has most-recently strategically positioned itself to capitalize on outsized momentum across the western U.S., which is seeing robust population growth.
Martin reportedly has 30 percent earnings margins and has recently undergone a multi-year transformation focused on operational excellence and delivering innovative products, introducing multiple new product lines, doubling its dealer base, and invested in automation and capacity expansion. With a strong backlog and proven track record of delivering on best-in-class lead times, Martin is poised to capitalize on near- and long-term economic tailwinds in the $3.6 billion U.S. garage door market.
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