M&A · Industrials · Metal Doors, Sash, Frames, Moldings & Trim
MITER Brands to acquire PGT Innovations, Inc.
Announced Jan 17, 2024 · Closed Mar 28, 2024
Deal value$3.10BEV $3.10B
Premium60.0%To unaffected price
EV / Adj. EBITDA11.7x2.1x EV / Revenue
ConsiderationAll cash$42.00 per share
Transaction
- Acquirer
- MITER Brands
- Target
- PGT Innovations, Inc. (PGTI)
- Buyer type
- Strategic
- Offer price per share
- $42.00
- Enterprise value
- $3.10B
- Status
- Closed Mar 28, 2024
Deal protections
- Break fee (target pays)
- $86.0M · 2.8%
- Reverse fee (buyer pays)
- $221M · 7.1%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- KeyBanc Capital Markets, RBC Capital Markets
- To the target
- Evercore
- Evercore fee
- $5.0M
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 60.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- 11.7x vs. 10.7x sector median
- Break fee
- 2.8% vs. 2.8% sector median
Timeline
- AnnouncedJan 17, 2024
- Proxy filedFeb 2, 2024
- Definitive proxyFeb 14, 2024
- Shareholder voteMar 18, 2024
- ClosedMar 28, 2024
Valuation · fairness opinions
Discounted cash flow$28.25$42.50
Discounted cash flow$30.50$46.00
Trading comparables$27.00$37.75
Precedent transactions$29.75$44.00
Offer $42.00
Implied value per PGT Innovations, Inc. share by analysis, from Evercore.