CARY, N.C. & NEW YORK — Ply Gem and Clayton, Dubilier & Rice, a New York City-based private equity investment firm, announced this week that the companies have come to a definitive agreement under which Clayton, Dubilier & Rice will acquire all of the outstanding shares of Ply Gem common stock. The go-private transaction, valued at approximately $2.4 billion, was approved unanimously by Ply Gem’s board of directors. The agreement also provides for the payment of $21.64 per share in cash to all holders of Ply Gem common stock.
CD&R has also entered into a definitive agreement to acquire Atrium Windows & Doors. It will combine the two companies to create an exterior building products company with total revenue of more than $2.4 billion in 2017. The transactions are expected to close simultaneously in Q2.
Ply Gem’s headquarters will remain in Cary, N.C., and Gary E. Robinette, currently chairman and CEO of Ply Gem, will continue in his role. John Krenicki, a CD&R operating partner and former vice chairman of General Electric Company, will be appointed lead Director of the Board.