Consolidation continues in the building and construction market with the acquisition of Mitten Inc. by Ply Gem Industries Inc. Mitten, a Canadian manufacturer and distributor of vinyl siding and accessories, and other exterior building products, was a portfolio company of Graham Partners which acquired the company in 2011. Mitten increased EBTDA over 65% during Graham’s hold period, according to information from Graham Partners.
Ply Gem (Cary, NC) is a manufacturer of exterior building products that includes a comprehensive line of vinyl windows and patio doors, vinyl siding, design accents, cellular PVC trip and moldings, vinyl fencing, vinyl and composite railing, stone veneer and injection molded polymer cedar shakes and shingles used in both new construction and home repair and remodeling in the U.S. and western Canada. Announced at the recent International Builders Show in January of this year was the addition of PVC trim and moldings to its portfolio of more than 20 product categories.
In May, Ply Gem management took the company public with an initial public offering stock price of $21 per share, offering 15,789,474 shares of its common stock.