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August 25, 2022

Andrew K. Petryk Authors “An Open Window for Building Products M&A” for Window + Door Magazine

BGL Managing Director and Head of Industrials Andrew Petryk is a featured contributor in the latest issue of Window + Door Magazine, a publication of the National Glass Association (NGA), with a piece entitled, “An Open Window for Building Products M&A.”

The article discusses how the building products M&A market continues to see healthy deal flow despite market uncertainty. Current challenges in the housing market, including materials and labor costs inflation, along with rising mortgage rates, continue to have a tightening effect on affordability.

The building products market continues to see strong interest from both private equity and industry buyers and solid levels of M&A activity. Purchase price multiples for high-quality businesses remain attractive. The credit markets are liquid, and lenders are looking to deploy capital into acquisitions.

  • Announced in February 2022, Clayton, Dubilier & Rice’s privatization of Cornerstone Building was headline news in the window and door market during Q1 2022, with the $6.1 billion purchase price valuing the business at a 7.1x multiple of EBITDA at announcement.

2021 was a very active M&A year for industry buyers, some of which have been focusing their efforts on the integration of those activities in the recent quarters and are turning their attention to M&A.

  • PGTI cited continued growth from its October 2021 acquisition of Anlin Windows & Doors, which closed a record first quarter of 2022—the best quarter in the company’s history—and is “performing above our internal acquisition model estimates,” according to Jackson in PGTI’s FQ1 2022 earnings call.

Shareholder expectations for growth will also motivate some strategics to come off the sidelines and sharpen focus on M&A as an important lever for value creation.

For all of Andrew’s insights, read the article in its entirety at the Window + Door Website.