PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners, has completed the sale of Western Window Systems to PGT Innovations for USD360 million in cash, subject to customary purchase price adjustments.
The sale of Western Window Systems (WWS), a premier door and window manufacturer, is the first exit from PWP Growth Equity’s Fund I, which closed in October 2014. PWP Growth Equity acquired Western Window Systems in August 2015 in partnership with Scott Gates and the WWS management team.
David Ferguson and Chip Baird, Co-Heads of PWP Growth Equity, says: “We are proud to have partnered with WWS to expand its business and reinforce its market leading position. Over the past three years, we have worked alongside Scott and the outstanding leadership team executing on its aggressive growth plans and realising its growth ambitions. As they enter the next phase in the evolution of their business, we are confident that the business is well-positioned for strong continued growth, building on its track record of profitability and expansion throughout the US.”
“The team at PWP Growth Equity partnered with our business in 2015 at a critical juncture in our company’s history,” says Scott Gates, President and Chief Executive Officer of Western Window Systems. “At the time, we were a business thriving regionally, with big aspirations for rapid geographic and channel expansion across North America. PWP joined our leaders and helped us refine our vision, define our right to win, and shape our long term strategy. Their bullish belief in our team, our culture, and our strategic plan was reinforced by an aggressive investment strategy that brought breakthrough innovation to the market, and outstanding returns for our shareholders. As a result of their leadership and support, our company is poised to continue growing well into the future.”