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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ply Gem Holdings, Inc. | NYSE:PGEM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.65 | 0 | 01:00:00 |
|
TIMOTHY D. JOHNSON
|
| |
GARY E. ROBINETTE
|
|
|
General Counsel
|
| |
President, Chief Executive Officer,
Chairman of the Board of Directors |
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| | | | | C-1 | | | |
| | | | | D-1 | | |
Metric
|
| |
Mean
|
| |
Median
|
|
Enterprise Value/CY 2018 Adj. EBITDA | | | 9.8x | | | 9.8x | |
Metric
|
| |
Mean
|
| |
Median
|
|
Enterprise Value/CY 2018 Adj. EBITDA | | | 12.4x | | | 12.1x | |
Metric
|
| |
Mean
|
| |
Median
|
|
Enterprise Value/CY 2018 Adj. EBITDA | | | 11.4x | | | 11.0x | |
Announced
|
| |
Acquiror
|
| |
Target
|
|
2016 | | | Boral Limited | | | Headwaters Incorporated | |
2016 | | | Headwaters Incorporated | | | Krestmark Industries | |
2014/2015 | | | PGT, Inc. | | | Windoor, Inc. | |
2014/2015 | | | PGT, Inc. | | | CGI Windows & Doors Holdings, Inc. | |
2014/2015 | | | Ply Gem Holdings, Inc. | | | Simonton Windows | |
2010 | | | Hellman & Friedman LLC | | | Associated Materials, LLC | |
Announced
|
| |
Acquiror
|
| |
Target
|
|
2006/2007 | | | Building Materials Corporation of America | | | ElkCorp | |
2006/2007 | | | Ply Gem Holdings, Inc. | | | Alcoa Home Exteriors, Inc. | |
2006/2007 | | | Georgia Gulf Corporation | | | Royal Group Technologies Limited | |
2006/2007 | | | Ply Gem Holdings, Inc. | | | AWC Holding Company and all of its subsidiaries | |
2005 | | | AEA Investors LP | | | CPG International Inc. | |
2005 | | | Kohlberg Kravis Roberts & Co. | | | Masonite International Corporation | |
2004 | | | Investcorp S.A. | | | Associated Materials Incorporated | |
2004 | | | Headwaters Incorporated | | | Tapco Holdings Inc. | |
2004 | | | Ply Gem Holdings, Inc. | | | MWM Holding, Inc. | |
2004 | | | Headwaters Incorporated | | | Eldorado Stone, LLC | |
2004 | | | Caxton-Iseman Capital, Inc. | | | Ply Gem Holdings, Inc. | |
2003 | | | JLL Partners, Inc. | | | PGT Holding Company | |
2003 | | | Masonite International Corporation | | | Residential Entry Door Business of The Stanley Works | |
2003 | | | Fortune Brands, Inc. | | | Therma-Tru Corp. | |
2003 | | | Kenner & Company, Inc. | | | Atrium Companies, Inc. | |
2003 | | | Investcorp SA | | | MWM Holding, Inc. | |
2001/2002 | | | Harvest Partners, Inc. | | | Associated Materials Incorporated | |
2001/2002 | | | Masco Corporation | | | Milgard Manufacturing Inc. | |
Metric
|
| |
Median
|
|
Enterprise Value/LTM Adj. EBITDA | | | 9.1x | |
Name of Executive Officer or Director
|
| |
Number of
Shares Subject to Vested Options (#) |
| |
Cash
Consideration for Vested Options ($) |
| |
Number of
Shares Subject to Unvested Options (#) |
| |
Cash
Consideration for Unvested Options ($) |
| |
Total Cash
Consideration for Options in Merger ($) |
| |||||||||||||||
Frederick J. Iseman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gary E. Robinette
|
| | | | 1,080,983 | | | | | | 7,040,644 | | | | | | — | | | | | | — | | | | | | 7,040,644 | | |
Shawn K. Poe
|
| | | | 133,095 | | | | | | 1,151,203 | | | | | | 6,666 | | | | | | 66,327 | | | | | | 1,217,530 | | |
John C. Wayne
|
| | | | 182,731 | | | | | | 1,457,304 | | | | | | — | | | | | | — | | | | | | 1,457,304 | | |
John L. Buckley
|
| | | | 121,965 | | | | | | 739,292 | | | | | | — | | | | | | — | | | | | | 739,292 | | |
David N. Schmoll
|
| | | | 195,960 | | | | | | 1,820,468 | | | | | | — | | | | | | — | | | | | | 1,820,468 | | |
Art W. Steinhafel
|
| | | | 114,533 | | | | | | 957,855 | | | | | | 3,333 | | | | | | 33,163 | | | | | | 991,018 | | |
Timothy D. Johnson
|
| | | | 100,666 | | | | | | 929,937 | | | | | | — | | | | | | — | | | | | | 929,937 | | |
Michael P. Haley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey T. Barber
|
| | | | 16,190 | | | | | | 150,405 | | | | | | — | | | | | | — | | | | | | 150,405 | | |
Timothy T. Hall
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Forbes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joost F. Thesseling
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mary K. Rhinehart
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Janice E. Stipp
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name of Executive Officer or Director
|
| |
Cash-
Denominated Restricted Stock Units ($) |
| |
Number of
Share- Denominated Restricted Stock Units (#) |
| |
Cash
Consideration for Share- Denominated Restricted Stock Units ($) |
| |
Number of
Performance Units (#) |
| |
Cash
Consideration for Performance Units ($) |
| |||||||||||||||
Frederick J. Iseman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gary E. Robinette
|
| | | | 1,275,000 | | | | | | 71,630 | | | | | | 1,550,073 | | | | | | 71,630 | | | | | | 1,550,073 | | |
Shawn K. Poe
|
| | | | 324,450 | | | | | | 24,304 | | | | | | 525,939 | | | | | | 24,304 | | | | | | 525,939 | | |
John C. Wayne
|
| | | | 543,711 | | | | | | 30,546 | | | | | | 661,015 | | | | | | 30,546 | | | | | | 661,015 | | |
John L. Buckley
|
| | | | 260,981 | | | | | | 14,662 | | | | | | 317,286 | | | | | | 14,662 | | | | | | 317,286 | | |
David N. Schmoll
|
| | | | 220,705 | | | | | | 12,400 | | | | | | 268,336 | | | | | | 12,400 | | | | | | 268,336 | | |
Art W. Steinhafel
|
| | | | 260,981 | | | | | | 14,662 | | | | | | 317,286 | | | | | | 14,662 | | | | | | 317,286 | | |
Timothy D. Johnson
|
| | | | 93,750 | | | | | | 5,267 | | | | | | 113,978 | | | | | | 5,267 | | | | | | 113,978 | | |
Michael P. Haley
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey T. Barber
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Timothy T. Hall
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Forbes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joost F. Thesseling
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mary K. Rhinehart
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Janice E. Stipp
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name of Named
Executive Officer |
| |
Cash
($) (1) |
| |
Equity
($) (2) |
| |
Perquisites/
Benefits ($) (3) |
| |
Tax
Reimbursement ($) (4) |
| |
Other
($) |
| |
Total
($) |
| ||||||||||||||||||
Gary E. Robinette
|
| | | $ | 10,717,000 | | | | | $ | 4,375,146 | | | | | $ | 40,000 | | | | | | — | | | | | | — | | | | | $ | 15,132,146 | | |
Shawn K. Poe
|
| | | $ | 2,655,000 | | | | | $ | 1,442,655 | | | | | $ | 20,000 | | | | | | — | | | | | | — | | | | | $ | 4,117,655 | | |
John C. Wayne
|
| | | $ | 644,000 | | | | | $ | 1,865,741 | | | | | $ | 20,000 | | | | | | — | | | | | | — | | | | | $ | 2,529,741 | | |
John L. Buckley
|
| | | $ | 414,000 | | | | | $ | 895,553 | | | | | $ | 20,000 | | | | | | — | | | | | | — | | | | | $ | 1,329,553 | | |
Art W. Steinhafel
|
| | | | — | | | | | $ | 928,716 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 928,716 | | |
Name of Named Executive Officer
|
| |
Cash Severance
($) |
| |
Transaction Bonus
($) |
| |
Total
($) |
| |||||||||
Gary E. Robinette
|
| | | $ | 3,717,000 | | | | | $ | 7,000,000 | | | | | $ | 10,717,000 | | |
Shawn K. Poe
|
| | | $ | 855,000 | | | | | $ | 1,800,000 | | | | | $ | 2,655,000 | | |
John C. Wayne
|
| | | $ | 644,000 | | | | | | — | | | | | $ | 644,000 | | |
John L. Buckley
|
| | | $ | 414,000 | | | | | | — | | | | | $ | 414,000 | | |
Art W. Steinhafel
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
High
|
| |
Low
|
| ||||||
Fiscal Year Ended December 31, 2016 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 14.24 | | | | | $ | 8.58 | | |
Second Quarter
|
| | | $ | 15.72 | | | | | $ | 13.22 | | |
Third Quarter
|
| | | $ | 16.09 | | | | | $ | 12.96 | | |
Fourth Quarter
|
| | | $ | 16.90 | | | | | $ | 12.85 | | |
Fiscal Year Ended December 31, 2017 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 20.00 | | | | | $ | 15.40 | | |
Second Quarter
|
| | | $ | 20.00 | | | | | $ | 16.10 | | |
Third Quarter
|
| | | $ | 18.05 | | | | | $ | 14.55 | | |
Fourth Quarter
|
| | | $ | 18.80 | | | | | $ | 15.20 | | |
Fiscal Year Ended December 31, 2018 | | | | | | | | | | | | | |
First Quarter (through March 21, 2018)
|
| | | $ | 22.20 | | | | | $ | 17.70 | | |
Name of Beneficial Owner
(1)
|
| |
Beneficial Ownership
|
| |||||||||
|
Number of Shares
of Common Stock |
| |
Percentage of
Outstanding Common Stock |
| ||||||||
Principal Stockholders | | | | | | | | | | | | | |
Caxton-Iseman (Ply Gem), L.P.
(2)(3)(4)
|
| | | | 9,985,631 | | | | | | 14.6 % | | |
Caxton-Iseman (Ply Gem) II, L.P.
(2)(3)(4)
|
| | | | 35,709,612 | | | | | | 52.1 % | | |
Directors and Executive Officers | | | | | | | | | | | | | |
Frederick J. Iseman
(2)(3)(5)
|
| | | | 45,720,243 | | | | | | 66.7 % | | |
Gary E. Robinette
(6)
|
| | | | 1,153,326 | | | | | | 1.7 % | | |
Shawn K. Poe
(7)
|
| | | | 432,281 | | | | | | * | | |
John C. Wayne
(8)
|
| | | | 262,182 | | | | | | * | | |
John L. Buckley
(9)
|
| | | | 167,642 | | | | | | * | | |
Art W. Steinhafel
(10)
|
| | | | 136,451 | | | | | | * | | |
Michael P. Haley
|
| | | | 124,041 | | | | | | * | | |
Jeffrey T. Barber
(11)
|
| | | | 44,742 | | | | | | * | | |
Timothy T. Hall
|
| | | | — | | | | | | — | | |
John Forbes
|
| | | | 10,000 | | | | | | * | | |
Joost F. Thesseling
|
| | | | — | | | | | | — | | |
Mary K. Rhinehart
|
| | | | 22,497 | | | | | | * | | |
Janice E. Stipp
|
| | | | 22,497 | | | | | | * | | |
All directors and executive officers as a group (15 persons)
(12)
|
| | |
|
48,428,079
|
| | | |
|
70.7
%
|
| |
| | |
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Term
|
| |
Section
|
|
Acceptable Confidentiality Agreement | | | 5.8 | |
affiliates | | | 3.7 | |
Agreement | | | Preamble | |
Alternative Financing | | | 5.14(a) | |
Appraisal Shares | | | 1.6 | |
associates | | | 3.7 | |
Bankruptcy and Equity Exception | | | 2.3(a) | |
Board Recommendation | | | 2.3(d) | |
Book-Entry Shares | | | 1.7(b) | |
Certificate | | | 1.7(b) | |
Certificate of Merger | | | 1.2(b) | |
Closing | | | 1.2(a) | |
Closing Date | | | 1.2(a) | |
Committed Lenders | | | 3.5 | |
Company | | | Preamble | |
Company Adverse Recommendation Change | | | 5.8(d) | |
Company Board | | | Recitals | |
Company Charter Documents | | | 2.1(b) | |
Company Common Stock | | | Recitals | |
Company Disclosure Letter | | | 2 | |
Company Employee Plans | | | 2.9(a) | |
Company Employees | | | 5.1(a) | |
Company Financial Advisor | | | 2.18 | |
Company Financial Statements | | | 2.5(b) | |
Company Intellectual Property | | | 2.14(b) | |
Company Material Adverse Effect | | | Appendix | |
Company Material Contracts | | | 2.16(a) | |
Company Preferred Stock | | | 2.2(a) | |
Company Related Parties | | | 7.3(e) | |
Company SEC Reports | | | 2.5(a) | |
Company Subsidiaries | | | 2.4(a) | |
Company Subsidiary | | | 2.4(a) | |
Confidentiality Agreement | | | 5.7(b) | |
D&O Insurance | | | 5.9(c) | |
Debt Commitment Letter | | | 3.5 | |
Debt Financing | | | 3.5 | |
Determination Notice | | | 5.8(e) | |
DGCL | | | Recitals | |
DOJ | | | 5.2(a) | |
Effective Time | | | 1.2(b) | |
Employee Benefit Plan | | | 2.9(a) | |
Term
|
| |
Section
|
|
Equity Commitment Letter | | | 3.5 | |
Equity Financing | | | 3.5 | |
ERISA | | | 2.9(a) | |
Anti-Corruption Laws | | | 2.18(a) | |
Exchange Act | | | 1 | |
Expiration Time | | | 1 | |
Fairness Opinion | | | 2.18 | |
Fee Letter | | | 3.5 | |
Financing | | | 3.5 | |
FTC | | | 5.2(a) | |
GAAP | | | 2.5(b) | |
Governmental Authority | | | 2.3(c) | |
HSR Act | | | 2.3(c) | |
Indemnified Party | | | 5.9(a) | |
Indemnifying Parties | | | 5.9(b) | |
Initial Expiration Time | | | 1 | |
Intellectual Property | | | 2.14(a) | |
IRS | | | 2.9(b) | |
IT Systems | | | 2.14(g) | |
Judgment | | | 2.3(b) | |
Law | | | 2.3(b) | |
Lease Agreement | | | 2.17(b) | |
Leased Property | | | 2.17(b) | |
Limited Guarantee | | | 3.5 | |
Maximum Amount | | | 5.9(c) | |
Merger | | | Recitals | |
Merger Consideration | | | 1.5(a) | |
Merger Sub | | | Preamble | |
New Plans | | | 5.1(b) | |
NYSE | | | 2.3(c) | |
Non U.S. Company Plan | | | 2.9(a) | |
OFAC | | | 2.18(b) | |
Old Plans | | | 5.1(b) | |
Parent | | | Preamble | |
Parent Related Parties | | | 7.3(f) | |
Parent Representatives | | | 2.23 | |
Paying Agent | | | 1.7(a) | |
Payment Fund | | | 1.7(a) | |
PBGC | | | 2.9(g) | |
Permissible Redacted Terms | | | 3.5 | |
Permits | | | 2.13(b) | |
Policies | | | 2.15 | |
Pre-Closing Period | | | 4.1 | |
Term
|
| |
Section
|
|
Real Property | | | 2.17(b) | |
Related Party Transaction | | | 2.19 | |
Reverse Termination Fee | | | 7.3(c) | |
Section 262 | | | 1.6 | |
Share | | | Recitals | |
Shares | | | Recitals | |
Sponsor | | | 3.5 | |
Subsidiary Constituent Documents | | | 2.1(b) | |
Surviving Corporation | | | 1.1 | |
Takeover Proposal | | | 7.3(b)(iv) | |
Termination Date | | | 7.1(b)(i) | |
Termination Fee | | | 7.3(b) | |
Written Consent | | | 5.4(a) | |
| | | | PLY GEM HOLDINGS, INC. | |
| | | |
By:
/s/ Gary E. Robinette
Name: Gary E. Robinette
Title: President, Chief Executive Officer and Chairman of the Board of Directors |
|
| | | | PISCES MIDCO, INC. | |
| | | |
By:
/s/ Theresa A. Gore
Name: Theresa A. Gore
Title: Vice President and Secretary |
|
| | | | PISCES MERGER SUB, INC. | |
| | | |
By:
/s/ Theresa A. Gore
Name: Theresa A. Gore
Title: Vice President and Secretary |
|
| | | | CAXTON-ISEMAN (PLY GEM), L.P. | |
| | | |
By:
RAJACONDA HOLDINGS, INC.,
its General Partner
|
|
| | | |
By:
/s/ Frederick J. Iseman
Name: Frederick J. Iseman
Title: President Date: January 31, 2018 |
|
| | | | CAXTON-ISEMAN (PLY GEM) II, L.P. | |
| | | |
By:
RAJACONDA HOLDINGS, INC.,
its General Partner
|
|
| | | |
By:
/s/ Frederick J. Iseman
Name: Frederick J. Iseman
Title: President Date: January 31, 2018 |
|
1 Year PLY GEM HOLDINGS INC Chart |
1 Month PLY GEM HOLDINGS INC Chart |
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