Volume 51, Issue 1 - January 2016

Mergers&Acquisitions

LongWater Opportunities Acquires M3 Glass Technologies of Irvine, Texas

LongWater Opportunities, a Dallas-based private equity firm, acquired M3 Glass Technologies, the 60-year-old glass fabricator based in Irving, Texas. M3’s founding family—the Mammens—will maintain “meaningful ownership” and management positions with the company.

Chris Mammen, CEO, is the third generation in business, following his father, John, and uncle, Jim.

“The timing coincides with the retirement of ... my father and my uncle,” says Mammen. “They have both worked here their whole life, starting when they were 12 years old. This was an opportunity for them to go out on top, something they deserve for a lifetime of hard work and success. They took over from my grandparents in the 1970s and brought it to the next level ... laying the groundwork for [our future] growth and success.”

Mammen says at least nine different parties—including some in the industry—approached M3 about partnering. LongWater, Mammen says, “understands the dynamics and the benefits of being an independent company.”
M3 Glass Technologies is LongWater’s second equity fund’s first investment.

“We are excited to partner with Chris Mammen and the entire M3 team to build on an already successful 60 years of history,” says Will Dobbs, partner at LongWater. “Chris is a perfect partner for us given his character, track record of success and unwavering passion for his business.”

The move puts M3 in a position to invest in equipment, trucks and employees. Every employee and manager will remain with M3 through the acquisition.

Mammen says the company began as a true mom-and-pop business, “and God blessed us from the beginning ... After growing into a solid glazing company for the first 50 years, we [became] a regional fabricator ten years ago.”


PGT to Buy WinDoor Inc.
in $102 Million Deal


PGT Industries Inc. in North Venice, Fla., signed an agreement to acquire WinDoor Inc., of Orlando, Fla. The transaction’s value is $102 million. WinDoor Inc. will become a wholly owned subsidiary of PGT, and will remain a separate and distinct brand.

The transaction should close in the middle of the first quarter of 2016.

“WinDoor’s seasoned management team has done a fantastic job of building a solid and successful business that produces exceptional products,” says Rod Hershberger, PGT CEO. “We are most excited, however, that PGTI and WinDoor share a strong family-centric culture that values quality and craftsmanship.”

“The acquisition of WinDoor aligns with our corporate growth strategy to acquire brands and products that generate revenue and leverage our core capabilities,” says PGT president and COO Jeff Jackson. “Rapid growth requires us to stay focused on what we know and leverage synergies between our business units. This acquisition is the second within the past 18 months that enables PGT to deliver a richer and more comprehensive portfolio to our [impact-resistant window and door] customers. The combination of the companies’ strengths and cultures will deliver a richer product offering, extend more opportunities to our collective workforce and promote stronger returns for our shareholders.”


USG
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