Venice, Fla.-based PGT Innovations closed on its $92 million purchase of 2018 Big50 member NewSouth Window Solutions. PGT Innovations is the nation's largest manufacturer of impact-resistant windows and doors. With the acquisition, PGT hopes to expand its direct-to-consumer sales, a niche aggressively pursued by NewSouth in Florida.
“With the completion of this acquisition, we believe PGT Innovations has taken an important step in enhancing our go-to-market strategy and has done so with a strong brand that leads in the direct-to-consumer channel,” Jeff Jackson, president and CEO of PGT, said in a public statement. “We look forward to implementing our geographic expansion plans for NewSouth Window Solutions and expanding the presence of PGT Innovations in areas outside of our core markets.”
NewSouth, founded in 2010, manufactures and installs factory-direct, energy-efficient windows and doors, including both impact-resistant and nonimpact for the residential market. The company operates seven retail showrooms across the state of Florida with an additional location in Charleston, S.C. Since 2015, NewSouth's net sales have grown at a 29% compounded annual rate.
PGT expects NewSouth to help extend the manufacturer's reach into northern Florida, as well as Texas, Louisiana, Georgia, and the Carolinas. The company expects the direct-to-consumer sales expansion will not overlap the business of its existing network of authorized dealers.