Cary, N.C.-based Cornerstone Building Brands Inc. will acquire Harvey Building Products, a window and door manufacturer, and its portfolio of brands, among them Harvey, SoftLite and Thermo-Tech.
Based in Waltham, Mass., Harvey specializes in premium and custom products primarily sold in the Eastern United States. The company has about 1,200 employees at four manufacturing sites in the Northeast and Midwest.
The strategic acquisition increases Cornerstone's presence in the repair-and-remodel market and strengthens its offerings in distribution and dealer channels, adding premium products to its portfolio, according to a news release about the deal.
Harvey is an ideal addition as Cornerstone officials "forge ahead in our journey" to create a premier exterior building products company, Cornerstone President and CEO Rose Lee said in the release.
"This transaction will strengthen our presence across the Northeast and the Midwest with key leading brands. It will also enable us to be a stronger partner of choice for our customers and to better serve them," she said.
Harvey uses both vinyl and wood in its production. The acquisition comes just a few months after Cornerstone purchased Eastern Architectural Systems.
Justin St. Hilaire, president of Harvey, said the new partnership will mark an exciting chapter in that company's growth journey.
"[Cornerstone's] strong customer focus, deep channel relationships and extensive product breadth make it a perfect partner to accelerate our future growth," St. Hilaire said in the release.
Cornerstone officials expect the transaction to be accretive through purchasing synergies and revenue growth opportunities. The transaction is expected to close in the second quarter of 2024.
Cornerstone is the second largest pipe, profile and tubing extruder in North America with $3.42 billion in related sales of deck and railing, fencing and siding in addition to windows and doors.