Ply Gem buys vinyl siding maker Mitten Inc.

By Michael Lauzon
Correspondent

Published: June 4, 2013 3:09 pm ET
Updated: June 4, 2013 3:55 pm ET

Related to this story

Topics Construction, Mergers & Acquisitions, Pipe/Profile/Tubing, Extrusion, Vinyl siding
Companies & Associations Graham Partners Inc.

Vinyl building products major Ply Gem Industries Inc. is continuing its expansion thrust, this time through acquisition.

The Cary, N.C., firm has bought vinyl siding and accessories producer Mitten Inc. of Paris, Ontario. Ply Gem made the deal with Mitten's former owner, Graham Partners Inc. of Newtown Square, Pa., for undisclosed terms. Graham announced the deal June 4.

Ply Gem recently said it is expanding its Fair Bluff, N.C., plant through a $15.5 million investment. The company had estimated vinyl profile extrusion sales of $598 million, according to data from Plastics News' pipe, profile and tubing survey. The company also said last fall that it is boosting capacity at its Rocky Mount, Va., facility.

Prior to the Mitten expansion, Ply Gem had been running nine plants in the United States.

As Ply Gem expands, it plans to share its growth with the public. Ply Gem recently revealed it will launch an initial public stock offering on the New York Stock Exchange. In Securities and Exchange filings it stated it plans to offer 15,789,474 shares and expects underwriters to buy up an additional 2,368,421 shares. Ply Gem was formed in 2004 when a private equity firm started buying several building products businesses.

Graham characterized Ply Gem as a strategic acquirer. Graham bought the Mitten business in fall of 2011 and began instituting changes that resulted in 65 percent growth in earnings before interest, taxes, depreciation and amortization (EBITDA).

Graham recruited a new CEO, a new chief financial officer and created new operation positions as it drew talent from within the building products industry. Graham said it improved Mitten's cost structure, implemented lean manufacturing and leveraged procurement strategies to boost savings.

"We partnered with Mitten's strong management team to successfully execute a development plan," stated Graham managing principal Adam Piatkowski in a news release. "We focused on broadening end markets and developing new product categories, while increasing profitability through procurement and operational improvements."


Comments

Ply Gem buys vinyl siding maker Mitten Inc.

By Michael Lauzon
Correspondent

Published: June 4, 2013 3:09 pm ET
Updated: June 4, 2013 3:55 pm ET

Post Your Comments


Back to story


More stories

Image

Residential construction set for steady growth

July 31, 2014 10:27 am ET

After a sluggish start to the year, activity levels in the residential construction sector gained momentum in the second quarter of this year. The...    More

Private equity firm buys majority share of truck accessory maker

July 31, 2014 10:30 am ET

A majority share of Ann Arbor, Mich.-based truck accessory manufacturer Tectum Holdings Inc. has been acquired by Boston-based private equity firm TA ...    More

Image

Impact-resistant window maker buys competitor for $111 million

July 31, 2014 3:07 pm ET

PGT Inc. is acquiring CGI Windows & Doors Holdings Inc. for $111 million as part of a plan to grow strategically by buying businesses with...    More

Buyer plans to sell former Hoover molding, assembly plants

July 31, 2014 2:06 pm ET

A former Hoover manufacturing plant with 150 injection machines in El Paso, Texas, and a nearby maquiladora plant in Juarez, Mexico, changed owners...    More

Image

Castle Harlan buys landscape erosion control firm Tensar

July 30, 2014 3:46 pm ET

Private equity group Castle Harlan inc. has acquired Atlanta-based Tensar Corp., with plans for the geosynthetic products maker and its subsidiaries t...    More

Market Reports

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events