MITER Brands' deal to buy Venice's PGT Innovations for $3.1 billion completed

The $3.1 billion deal by a Pennsylvania-based company to acquire PGT Innovations has closed, with the Venice-based manufacturer now owned by MITER Brands, according to a news release.

News of a potential acquisition of one of the area's largest private employers broke in December when Tampa-based Masonite offered a deal valued at $3 billion for the local company. That transaction would have seen PGTI shareholders retain about 16% of the combined company and shareholders receive $33.50 per share of PGTI they owned.

However, MITER Brands made an all-cash counter offer that called for for the private company to acquire PGT Innovations for $42 per share with an "enterprise value" of about $3.1 billion, according to previous company statements.

Previous coverage: Venice's PGTI cancels merger with Tampa company for all-cash deal with Pennsylvania firm

MITER Brands also paid an $84 million termination fee to Masonite to break the previously announced agreement.

Founded in 1947, MITER Brands is a residential window and door manufacturer that produces products largely under the brand names MI Windows and Doors and Milgard Windows and Doors. The company also "is a nationwide supplier of precision-built and energy-efficient products with more than 10 manufacturing facilities throughout the United States," the firm headquartered in Harrisburg, Pennsylvania, says.

“Our journey has always been about more than just windows and doors; it's about reframing what is possible and creating unmatched value for our team members, customers, supply partners, and local communities,” Matt DeSoto, CEO of MITER Brands, said in the news release. “With PGT Innovations becoming part of our family of brands, we are excited to work together towards our vision of building the most valued window and door brand in America.”

PGT Innovations was co-founded by Rodney Hershberger in 1980 as Vinyl Tech, before it rebranded to Progressive Glass Technology and eventually PGT Innovations. PGTI has been one of the most notable business success stories in Sarasota County history as well as one of the region's biggest business boosters, often supporting local community events with sponsorships and leadership.

Twenty years ago, the company's revenue was an impressive $250 million, but that's just a fraction of what the company will generate this year, with about $1.5 billion in revenue over the previous 12 months of financial records.

PGTI's current Sarasota County headcount has been reported at about 2,500 people, with another about 3,000 people working outside the region.

“MITER believes that maintaining a significant presence in Venice is important to the ongoing operations of the business," the company has previously told the Herald-Tribune.

Koch Equity Development LLC financed part of the equity investment used to buy PGTI, according to the news release.

"The acquisition combines two of the industry’s most innovative and customer-focused companies as they combine under a shared vision to build the most valued window and door brand in America," according to the news release announcing the acquisition. "MITER Brands, known for its operational excellence and exceptional service, and PGT Innovations, with its impact-resistant technology and advanced manufacturing capabilities, are now poised to accelerate innovation, enhance product offerings, and expand market reach."

This article originally appeared on Sarasota Herald-Tribune: PGT Innovations sold to private company in $3.1 billion transaction