JELD-WEN Holding announces agreement to acquire VPI Quality Windows
JELD-WEN Holding, Inc. has signed a definitive agreement to acquire VPI Quality Windows, Inc. VPI is a market-leading vinyl window manufacturer specializing in customized solutions for mid-rise multi-family, institutional, hospitality and commercial projects, primarily in the western United States.
VPI will provide JELD-WEN with a foundation for growth in the multi-family window market, providing us with a premier product and brand in the segment. We believe that VPI’s capabilities and service model, combined with JELD-WEN’s national distribution footprint, will provide significant growth potential – said Gary Michel, president and chief executive officer of JELD-WEN. – The acquisition of VPI extends our successful M&A track record and demonstrates our disciplined and balanced approach to capital allocation.
JELD-WEN expects the transaction to close late in the first quarter of 2019, subject to customary closing conditions. Terms of the acquisition were not disclosed. JELD-WEN expects VPI to add approximately $60 million in annualized revenue and that the acquisition will be immediately accretive to both adjusted EPS and adjusted EBITDA margins.