Mergers Acquisitions  
Exchange Income Corporation  
Acquires Quest Window Systems  
xchange Income Corp.(EIC) com- as it further expands our manufactur- try.Quest’s geographic and customer di-  
pleted its acquisition of Quest ing operations and complements our versification, coupled with a significant  
Window Systems Inc.for $85 mil- companies within our manufacturing backlog and pipeline of projects, will  
lion, subject to customary post-closing segment,” says Mike Pyle, CEO of EIC. allow it to unlock new opportunities in  
adjustments. This can increase to $100 “Quest has carved out a niche product in current and new markets.”  
million if post-closing growth targets a large market and is top of class, which  
Martin Cash,the founder and CEO of  
are met, according to a press release. is driven by product innovation and Quest,along with his son Jody Cash,the  
Quest,headquartered in Mississauga, customer-focused solutions. The man- company’s vice president, have more  
Ontario, manufactures a unitized win- agement team is exceptional and will than 55 years of combined industry  
dow wall system used primarily in continue to lead the business in the fu- experience and will continue to lead  
high-rise multifamily residential proj- ture. Their conservative and disciplined the business under its new ownership.  
ects in Canada and the U.S.  
approach has created brand equity and  
This is a strategic acquisition for us significant credibility within the indus-  
continued on page 20  
Pella Expands with Bonelli Acquisition  
onelli Windows and Doors, a San Francisco-based window  
manufacturer, is Pella Corp.’s latest acquisition. Terms of the  
deal were not disclosed.  
Bonelli is an important part of Pella’s concerted effort to build a  
portfolio of the most exclusive luxury window and door brands in the  
industry,” Cole Adrien, vice president of Pella’s luxury division, tells  
USGlass magazine. “Bonelli is a strategic business because of its  
brand position in the luxury market; plus its relationship with archi-  
tects and its solid customer base. Aluminum is a significant part of  
the luxury market and key to rounding out our portfolio.”  
Bonelli’s custom aluminum products with insulated barriers are  
used in both residential and commercial projects.  
“Our primary area of focus will continue to be residential projects, but  
Pella has always done commercial projects, from office buildings and  
hotels to schools,” says Adrien. “With the addition of Bonelli our goal  
is to offer a complete solution of services and products for architects,  
whether it is a commercial project or an exclusive residential home.”  
The company’s 25 employees will continue to work out of the main  
headquarters in South San Francisco, and David Bonelli will continue  
to lead the company.  
Daily operations and management will remain the same at  
Bonelli,” says Adrien. “David has a great team. Pella’s goal is a seam-  
less transition and to build upon the Bonelli brand name and market  
CondominiumsintheNobHillneighborhoodofSan strength. In short, Bonelli will remain Bonelli. We plan to grow the  
Francisco are an example of the luxury windows business through investments in the capacity of the production floor  
that enticed Pella Corp. to acquire Bonelli.  
and the sales staff.”  
USGlass, Metal & Glazing | December 2017  
Zhongwang USA Ends  
“While this is not the outcome we for American workers and Zhongwang  
Proposed Aleris Acquisition intended, we remain committed to USA, particularly in Kentucky, Ohio,  
Zhongwang USA, a Chinese-owned our growth strategy and have made Michigan and Iowa, where Zhong-  
aluminum company, announced that great strides over the past year in ex- wang’s substantial additional capital  
its merger agreement with Aleris Corp. panding our capacity and develop- investment would increase produc-  
has been terminated per a mutual ing the capabilities required to meet tivity and American competitiveness  
The companies entered into the This includes our automotive expan- new jobs across four states.”  
2.33 billion merger agreement in Au- sion project in Lewisport, Ky., which  
The company adds, “Although  
gust 2016.  
is beginning to serve customers,” deeply disappointed by the outcome,  
The merger was subject to approval says Sean Stack, Aleris chairperson this has been a constructive process  
from the Committee on Foreign In- and CEO.  
for Zhongwang USA, and our ex-  
vestment in the United States (CFIUS).  
Zhongwang USA leadership ex- ecutives have tremendous respect  
In July 2017, CFIUS raised concerns pressed disappointment that the ac- for the management and workers  
the future demands of our industry. while supporting in excess of 1,000  
about the transaction, and the parties quisition would not proceed.  
withdrew their filing while extending  
the merger agreement to allow for ad- tion, Zhongwang USA was committed  
ditional discussions.  
at Aleris—they are a world-class  
“Through the proposed acquisi- team.”  
According to Zhongwang USA, the  
to preserving American jobs and in- company and its investors will con-  
Aleris supplies aluminum to the vesting substantial funds into Aleris, tinue to pursue expansion opportu-  
building and construction industries, beyond the purchase price,” reads a nities, including positive, job-creating  
as well as the automotive and aero- company statement. “The Aleris ac- opportunities in the U.S. and other  
space markets.  
quisition was a win-win opportunity parts of the world. s  
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USGlass, Metal & Glazing | December 2017  

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