Linsalata Capital Partners has acquired Eagle Window & Door, Inc., from American Architectural Products Corp. AAPC, currently restructuring under bankruptcy protection, has also sold off several other operations, including American Glassmith, Binnings Pan American, TM Window & Door, and TM Architectural Products.
David Beeken, Eagle president, calls the purchase of the Dubuque, IA, based manufacturer, “excellent news.” Linsalata, a Cleveland-based private equity firm, also acquired a major stake in PGT Industries, the Nokomis, FL, based manufacturer, early in 2001. Prior to that acquisition, Linsalata became active in the window and door business when it first purchased Care Free Windows and a number of other vinyl window manufacturing operations to form the Care Free Group. Those companies were later sold to Reliant Building Products.
Shortly before AAPC announced its plans to sell Eagle in 2000, the manufacturer began construction of a 390,000-square-foot, state-of-the-art manufacturing facility, Beeken notes. The company is now extremely profitable and has doubled in size since 1996, he adds. “We’re poised for growth and success.”
“We look for good companies with good management and great growth potential,” states Steve Perry, a partner at Linsalata. That’s something that both Eagle and PGT share, he continues. When it first entered the window and door industry with its purchase of Care Free, Linsalata’s strategy was to acquire additional manufacturers, as it saw opportunities for synergies in the vinyl window market. This time around, Perry notes, it sees PGT and Eagle as two very different operations serving different markets, and there are no plans to bring them together in any formal way.
Further acquisitions within the industry are not part of Linsalata’s strategy now, according to Perry. If opportunities present themselves, and it “makes sense” to help either PGT or Eagle grow their businesses, it would be considered, but the plan now, he emphasizes, is to help each firm grow its business.
In a separate transaction, Arch Aluminum & Glass Co., Inc., through its wholly-owned subsidiary, Arch Ohio, Inc., has purchased the assets of American Glassmith, Inc. The firm, based in Columbus, OH, will continue to operate under the same name under the direction of David Williams and the current management team. American Glassmith, however, is discontinuing production of door- and sidelite inserts to concentrate on the custom specialty and decorative laminated products currently popular in OEM and architectural specifications. Arch Aluminum & Glass services the glass, mirror, and architectural aluminum industries, with facilities throughout the United States.
Binnings Pan American and the TM operations, with Florida manufacturing facilities in Dade and Broward Counties, have been acquired by Larry Powell. Serving as president and chief executive officer for the operations, Powell was most recently chief operating officer at AAPC.
Involved in the manufacturing, sales, and installation of high-performance aluminum window and door systems, including products designed to meet the high-windload requirements of the new Florida Building Code, the companies serve the Florida peninsula as well as the Caribbean through 12 company-owned distribution centers. With many manufacturers unprepared for the new code to go into effect, Powell reports that business is particularly strong now.