Building Products

On March 28, 2024, KeyBanc Capital Markets (KBCM) successfully advised MITER Brands^™ (MITER) on its acquisition of PGT Innovations, Inc. (NYSE: PGTI) (PGTI) for $3.1 billion, representing a premium of 60% over PGTI’s unaffected closing share price on October 9, 2023, the last trading day prior to the public disclosure of a proposal for the acquisition of PGTI. The transaction has been financed in part by an equity investment from Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in MITER.

KBCM was chosen to serve as MITER’s Lead Buy-Side Advisor based on its preeminent industrial building products practice, long-standing relationship with MITER Brands and proven M&A execution capabilities. “Throughout our 20-year partnership, KeyBanc has played an important role in supporting MITER Brands along our journey of continued growth. In addition to being our trusted advisor for several transformative acquisitions, KeyBanc’s financing support has been instrumental in allowing us to opportunistically pursue many growth initiatives which have benefited the MITER Brands team, our customers, our suppliers and the communities where we operate,” said Matt DeSoto, president and CEO of MITER Brands.

Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach. MITER Brands is the combination of two fast-growing regional product brands: MI Windows and Doors and Milgard Windows and Doors, and is a nationwide supplier of precision-built and energy-efficient products, with more than 10 manufacturing facilities throughout the United States. MITER Brands instills confidence and drives quality customer experiences through optimized manufacturing, valued relationships, and dedicated team members coast to coast.

PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. The PGT Innovations family of brands include CGI^®, PGT^® Custom Windows and Doors, WinDoor^®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze^®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multifamily, and commercial projects.

On January 31, 2024, KeyBanc Capital Markets (KBCM) successfully advised Ward Manufacturing, LLC (Ward or the Company), a wholly owned subsidiary of Proterial, Ltd. (Proterial), on its sale to ASC Engineered Solutions, LLC (ASC), a portfolio company of Tailwind Capital (Tailwind). KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products and Diversified Industrials practices, proven M&A execution capabilities, and relevant carveout transaction experience.

Headquartered in Blossburg, Pennsylvania,, Ward is a leading manufacturer of piping components and systems used in project-critical industrial PVF, gas piping, and plumbing applications in commercial, residential, and utility markets. The company maintains a comprehensive portfolio of high-quality, “Made in America,” malleable and cast iron pipe fittings and pipe nipples in addition to its name brand WARDFlex® corrugated stainless steel tubing system. Selling primarily to blue-chip wholesalers, Ward boasts a coast-to-coast distribution network in North America, with four cutting-edge manufacturing facilities, six strategically located distribution centers, and more than 20 manufacturer representatives.

Proterial, Ltd. (f/k/a Hitachi Metals), based in Tokyo, Japan, is a manufacturer of advanced metal products, materials, and components primarily serving the automotive, energy, electrical, and aerospace sectors. Proterial was acquired in October 2022 by a consortium led by Bain Capital, LP.

Headquartered in Oak Brook, Illinois, ASC (f/k/a Anvil & Smith-Cooper International) is a complete solutions provider offering precision-engineered piping components for pipe joining systems, fire protection and fabrication, flow control, performance products, and support systems as well as ancillary field and design services.

Founded in 2003, Tailwind Capital is a private equity firm based in New York, New York City and focused on control investments in high-quality, middle market companies in large and growing end markets, including infrastructure services, supply chain, and IT services.

On October 14, 2022, KeyBanc Capital Markets (KBCM) successfully advised Martin Door Holdings, Inc. (Martin Door or the Company) on its sale to PGT Innovations, Inc. (PGT Innovations or PGT) for $185 million. KBCM was chosen to serve as Martin Door’s exclusive sell-side advisor based on its industry-leading Building Products practice and proven M&A execution capabilities.

Founded in 1936, Martin Door is a leading manufacturer of overhead garage doors and accessories serving the western U.S. residential and commercial markets. Headquartered in Salt Lake City, UT, the Company offers a comprehensive array of high-quality, customizable solutions via its technology-driven manufacturing processes.

PGT Innovations manufactures and supplies a variety of building products, such as impact-resistant windows and vinyl window frames, to domestic and international customers. PGT operates under the Anlin, CGI, ECO, Eze-Breeze, NewSouth, Western and WinDoor brand names. Headquartered in North Venice, FL, PGT has approximately 5,500 team members across the U.S. to support its 30 facilities.

On June 1, 2022, KeyBanc Capital Markets acted as Co-Manager on Builders FirstSource, Inc.’s (BLDR or the Company) $700 million 6.375% Unsecured Senior Notes due 2032 (the Notes). Proceeds from the Notes will be used primarily to redeem the Company’s outstanding 6.750% Senior Secured Notes due 2027, with additional funds being used for general corporate purposes.

Headquartered in Dallas, TX, BLDR is a leading supplier and manufacturer of building materials, manufactured components and construction services to professional homebuilders, sub-contractors, remodelers and consumers. BLDR operates approximately 565 locations across 42 states in the United States.