Masonite will acquire PGTI for a combination of cash and shares valued at $3 billion. Photo courtesy of PGTI.

Masonite edged out Miter Brands this week as both companies jockeyed to acquire North Venice, Fla.-based PGT Innovations (PGTI). Masonite’s deal to acquire PGTI follows two rejected offers by Miter, including a $2.2 billion offer last week. Masonite will acquire PGTI for a combination of cash and shares valued at $3 billion.

Howard Heckes will continue to serve as Masonite’s CEO, officials said. After closing, PGTI CEO Jeff Jackson will join Masonite’s board of directors. Both companies’ boards have unanimously approved the transaction.

Officials reported that Masonite and PGTI will post $4 billion in revenue. On a pro forma basis for the last twelve months ending October 1, 2023, officials said the combined company had approximately $700 million of adjusted EBITDA and over $400 million of free cash flow. The transaction is expected to accrue to Masonite’s earnings in the first full year after the deal’s closing.

The deal is expected to close in mid-2024, subject to approval by PGTI shareholders, regulatory approvals and satisfaction of other customary closing conditions.

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