PGT Innovations Stock

PGT Innovations, Inc. manufactures and supplies premium windows and doors and fully customizable overhead garage doors. The company’s impact-resistant products can withstand some of the toughest weather conditions on earth and unify indoor/outdoor living spaces. The company strives to create value through deep customer relationships, understanding the needs of the markets it serves, and a drives to develop category-defining products.

The company is one of the nation’s largest manufacturers of impact-resistant windows and doors and holds leadership positions in its primary markets. The company manufactures diverse lines of products, intended to appeal to different segments of the market, at different price-points, including high-end, luxury, premium and mass-custom fully customizable aluminum and vinyl windows and doors and porch enclosure products, targeting both the residential repair and remodeling and new construction end markets. The company markets its impact-resistant products under five recognized brands: PGT Custom Windows & Doors, CGI Windows and Doors, WinDoor, NewSouth Window Solutions, and Eco Enterprises, Inc. The company also markets a line of window and door products designed to unify indoor/outdoor living spaces under the two recognized brands of Western Window Systems and Anlin, which are associated with innovation, quality, durability and energy efficiency in the indoor/outdoor living space markets. The acquisition of Martin in 2022 added premium overhead garage doors to the company’s product portfolio.

The company’s impact-resistant products combine heavy-duty aluminum or vinyl frames with laminated glass to ensure structural integrity, which provides protection from wind-driven projectiles of all sizes and other debris during a storm. The company’s impact-resistant products substantially reduce the likelihood of penetration by impacting projectiles, protecting people and property, while providing expansive, unblocked exterior views that other forms of protection, such as shutters or wood coverings, do not provide. The company manufactures vinyl porch and patio enclosure products under its Eze-Breeze brand that are designed to allow air flow while protecting against inclement weather, making outdoor spaces more inviting.

The acquisition of NewSouth has supported the company’s diversification into growing segments in the window and door industry, by enabling it to enter the direct-to-consumer channel, where NewSouth is a market leader in Florida. NewSouth's direct-to-consumer model is supported by its showrooms and in-home sales.

The acquisition of Eco extended the company’s residential market footprint with what will be minimal overlap with its existing network of dealers, as most of Eco’s dealer-customers have not historically been its customers. Eco’s product offerings in the commercial market are expected to provide the company with added product and customer diversification in that space, which will be a high-growth market in future periods.

The additions of Anlin and Western Window Systems (WWS) to the company’s family of brands expanded its portfolio of offerings and its geographical footprint and added award-winning and innovative products that combine performance and quality with clean, functional designs. Those products are designed for strength, easy integration into a variety of spaces, smooth operation and are tested for durability.

With the addition of Martin, the company expanded into an adjacent window and door category by adding premium overhead garage doors to its product portfolio, and broadened its geographic footprint and brand presence in the high-growth Western region. Martin adds another recognized brand to its portfolio of brands, and the company will open cross-selling opportunities for existing Western division brands and NewSouth Window Solutions.

The geographic regions in which the company conducts business include the Southeastern U.S., Western U.S., Gulf Coast, and the Coastal mid-Atlantic. The company also ships to the Caribbean, Central America and Canada. The company distributes its products through multiple channels, including nearly 4,000 independently-owned dealers and distributors, national building supply distributors, the in-home sales/custom order divisions of major U.S. home building and improvement supply retailers and, with its acquisition of NewSouth, the direct-to-consumer channel. This broad distribution network provides the company with the flexibility to meet demand as it shifts between the repair and remodel, and residential and commercial new construction end markets.

Segments

The company operates through two segments based on geography: the Southeast segment, and the Western segment.

The Southeast reporting segment, which is also an operating segment, consist of sales from its manufacturing facilities in Florida.

The Western reporting segment, also an operating segment, consists of sales from its manufacturing facilities in Arizona, California and Utah.

Brands and Products

PGT Custom Windows & Doors

WinGuard: WinGuard is an impact-resistant product line that combines heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and wind-borne debris and satisfies increasingly stringent building codes. The company’s marketing and sales of the WinGuard product line are primarily targeted to hurricane-prone coastal states in the U.S., as well as the Caribbean and Central America. Combining the impact resistance of WinGuard with insulating glass creates energy efficient windows that can significantly reduce cooling and heating costs. The company’s WinGuard Vinyl line of windows and doors is designed to offer some of the highest design pressures available on impact-resistant windows and doors, in a modern profile, with larger sizes that satisfy the most stringent hurricane codes in the country. It protects against flying debris, intruders, outside noise and UV rays.

EnergyVue: EnergyVue is the company’s non-impact-resistant vinyl window featuring energy-efficient insulating glass and multi-chambered frames that meet or exceed ENERGY STAR standards in all climate zones to help consumers save on energy costs. Its new design has a refined modern profile and robust construction and is offered in larger sizes and higher design pressures, multiple frame colors, and a variety of hardware finishes, glass tints, grid styles and patterns.

Aluminum: The company offers a complete line of fully customizable, non-impact-resistant aluminum frame windows and doors. These products primarily target regions with warmer climates, where aluminum is often preferred due to its ability to withstand higher structural loads. Adding insulating glass creates energy-efficient windows that can significantly reduce cooling and heating costs.

Eze-Breeze. Eze-Breeze non-glass vertical and horizontal sliding panels for porch enclosures are vinyl-glazed, aluminum-framed products used for enclosing screened-in porches that provide protection from inclement weather.

CGI

Sentinel: Sentinel is a complete line of aluminum impact-resistant windows and doors from CGI that provides quality craftsmanship, energy efficiency and durability at an affordable price point. Sentinel windows and doors are designed and manufactured with the objectives of enhancing home aesthetics, while delivering protection from hurricane winds and wind-borne debris. Sentinel is custom manufactured to exact sizes within the company’s wide range of design parameters, therefore, reducing on-site construction costs. In addition, Sentinel’s frame depth is designed for both new construction and replacement applications, resulting in faster, less intrusive installations.

Targa: Targa is CGI’s line of vinyl, energy-efficient, impact-resistant windows designed specifically to exceed the Florida impact codes, which are the most stringent impact standards in the U.S. Targa windows are designed with the objective of enhancing the aesthetics of a home, are relatively low maintenance, with long-term durability, and environmental compatibility.

Sparta: Sparta is CGI’s line of aluminum and vinyl impact-resistant windows and doors that are offered at relatively lower price points, and that meet Florida’s impact codes.

Scout: Scout is CGI’s line of aluminum non-impact windows and doors that are offered at a relatively lower price point.

WinDoor

WinDoor’s products carry the WinDoor brand and carry various product names, including its 3000 and 4000 Series aluminum windows, its 6000, 7000 and 8000 Series aluminum sliding glass doors, and its 9000 Series thermally broken windows and doors.

Aluminum Doors and Windows: WinDoor produces a wide array of high-end, luxury aluminum doors and windows, including impact and non-impact sliding glass doors and terrace doors, fixed picture windows, single hung windows, and horizontal rolling windows. All of WinDoor’s aluminum windows are available in impact and non-impact versions and meet or exceed ENERGY STAR standards in all climate zones.

Thermally Broken Doors and Windows: WinDoor produces a variety of aluminum thermally broken doors and windows. WinDoor’s thermally broken products provide the strength of aluminum with the energy ratings usually seen in only vinyl products. All of WinDoor’s thermally broken products are available in multiple shapes and sizes, have earned high performance ratings on impact and non-impact certifications, and meet or exceed ENERGY STAR standards in all climate zones.

Estate by WinDoor: The company’s Estate Collection of windows and doors is one of WinDoor’s premium aluminum impact-resistant product line. These windows and doors can be found in high-end homes, resorts and hotels, and in schools and office buildings. The company’s Estate Collection combines protection against hurricane force damage with architectural-grade quality, handcrafted details and modern engineering. These windows and doors protect and insulate against hurricane winds and wind-driven debris, outside noise, and offer UV protection.

Western Window Systems

WWS’s products are non-impact products, and include both customized products for its custom sales channel, and standard products for its volume, production builder, sales channel, and carry the Western Windows Systems brand under four product categories of the Classic Line, Performance Line, Minimalist Multi-Slide Door, and the Simulated Steel Line.

Classic Line: WWS’s Classic Line is a portfolio of high-quality, disappearing glass walls and windows that combine exceptional performance with clean design. The products of the Classic Line include fixed and operating windows, as well as sliding, folding and hinged doors. Sales of the Classic Line products are focused on the volume/production builder market in relatively temperate areas in the Southwestern United States.

Performance Line: The Performance Line by WWS is a family of moving glass walls and windows engineered to satisfy its customers’ energy and structural requirements, while promoting a contemporary, modern architectural design. The Performance Line has broad thermal capabilities that allow this luxury line of products to satisfy all energy codes throughout the United States.

Simulated Steel Line: The Simulated Steel Line by WWS is a portfolio of thermally-broken, aluminum moving glass walls and windows that look like steel but are far more affordable. This portfolio of products embodies WWS’s nearly 60 years of advancements in door and window design, and the company exhibits luxury and refinement. The Simulated Steel Line has clean, narrow profiles which gives the glass components of the products a prominent positioning, while maximizing natural light.

Minimalist Multi-Slide Door: The Minimalist Multi-Slide door by WWS offers innovative narrow interlock stiles that provide a minimalist aesthetic with maximum daylight. This combination of large panel sizes, discreet lines, and energy efficient low-E, dual-pane glass delivers a beautiful new way to minimize the boundaries between indoors and outdoors.

NewSouth

Windows and Doors: NewSouth manufactures a wide array of single-hung, double-hung, sliding, picture and visually appealing shaped vinyl windows which are durable and energy-efficient. NewSouth also manufactures durable and attractive patio and entry doors which the company enhances safety and improve the appearance of entry spaces.

Installation: NewSouth provides quality installation of its windows and doors through an experienced group of installation services companies who are subcontracted to install its products.

Eco Window Systems

Eco manufactures impact resistant windows and doors which are engineered to meet the toughest standards in the industry at the best price while ensuring the durability, elegance, and safety of all products for both the commercial and residential markets.

Windows and Doors: Eco manufactures a wide array of aluminum single-hung, horizontal rolling, fixed, and casement windows which are all impact resistant. Eco also manufactures several varieties of aluminum, impact-resistant patio and entry doors such as French, sliding, garage, bi-fold, and pivot which the company complements the existing product lines offered by PGT Custom Windows & Doors and CGI Windows and Doors.

Glass Production: Eco produces its own processed glass products, which supplies all of its window and door manufacturing operations’ requirements for glass. Eco’s glass production capacity also allows incremental vertical integration of glass for the production of certain of the company’s other product lines, enabling it to strengthen and gain more control of the company’s supply chain for glass. Eco also sells a small amount of glass other to third-party customers.

Commercial Storefront System: The company’s Commercial Storefront window system and entry doors are engineered to provide a flexible yet economical solution for a variety of applications. The company’s system is designed with the goal of providing easy fabrication and assembly, while also reducing installation time and challenges.

Anlin Windows and Doors

Anlin is a California-based recognized brand for vinyl windows and doors in the remodel and replacement market. Anlin produces energy-efficient windows and doors with modern, energy saving technology, with a focus on noise reduction, delivering a high-quality product with appealing design and beauty. Anlin also provides consumer driven specialty products such as hinged patio doors with flexible options like in glass pet doors.

Anlin windows and patio doors are tested and certified by the National Fenestration Rating Council (NFRC), the American Architectural Manufactures Association (AAMA), and Energy Star. Each certification assures homeowners that the company’s windows and patio doors are manufactured to the highest quality and energy standards.

Martin

Martin is a leading custom manufacturer of premium overhead garage doors and hardware, serving the Western United States. Martin is recognized in the industry for high-quality and fully-customizable products to both commercial and residential end markets.

Sales and Marketing

The company’s sales strategy primarily focuses on strengthening partnerships with its loyal distributors and dealers in the repair and remodel, and new construction markets by consistently providing exceptional customer service, industry-leading product designs and quality, valuable insight on building code requirements and industry trends, and technical expertise. The company also markets its products directly to national and regional homebuilders, who then purchase its products from its long-standing network of dealers and distributors. With its acquisition of NewSouth Window Solutions in February 2020, the company’s sales strategy expanded to include a focus on direct-to-consumer sales to meet the growing demand from consumers looking for a manufacturer-to-home selling experience. The company’s acquisition of ECO provides it with more product offerings and customer relationships in the commercial market. The company’s acquisition of Martin in October 2022, has expanded its product portfolio into a new market of commercial and residential garage doors.

The company’s marketing strategy is designed to promote the quality and benefits of its products and targets both coastal and inland markets across the U.S. The company reaches its customers through traditional and web-based advertising; consumer promotions; and showrooms and selling materials. The company also works with its dealers and distributors to educate architects, building officials, consumers, and homebuilders on the advantages of using impact-resistant and energy-efficient products. The company markets products from its house of brands to consumers based on performance and life-style benefits they value, as well as through the purchase channels they desire.

Customers

The company has a highly diversified base of nearly 4,000 window distributors, building supply distributors, window replacement dealers and enclosure contractors and garage door installation dealers. This number includes the distributor networks of Martin, acquired during 2022. There is minimal overlap with the company’s existing dealer network from the acquisition of Martin. With the acquisition of NewSouth, the company sells direct to the end customer.

Intellectual Property

The company owns and has registered trademarks in the U.S. In addition, the company owns several patents and patent applications concerning various aspects of window assembly and related processes.

History

The company was founded in 1980. It was incorporated in the state of Delaware in 2003. The company was formerly known as JLL Window Holdings, Inc. and changed its name to PGT, Inc. in 2004. Further, the company changed its name to PGT Innovations, Inc. in 2016.