Market Overview

PGT Innovations Completes Acquisition of Western Window Systems

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PGT Innovations (NYSE:PGTI), a national leader in the premium window and
door category, today announced that it has completed its acquisition of
Western Window Systems.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180813005538/en/

Jeff Jackson, President and Chief Executive Officer of PGT Innovations,
said, "With the completion of this acquisition, we have positioned PGT
Innovations as a national leader in the premium window and door space,
with a diversified geographic footprint, customer base, and a higher
margin profile. We are pleased with the strong support we received
during our debt offering from investors who recognize our track record
of quickly delivering following acquisitions. As a larger company with a
broader product portfolio, we believe we can better serve our customers,
be more profitable and drive enhanced value for our shareholders. Today
we officially welcome the Western Window Systems team into the PGT
Innovations family of brands. We look forward to building on both
companies' records of growth and success."

Scott Gates, Senior Vice President of PGT Innovations and President of
Western Window Systems, said, "I am thrilled to enter this next chapter
with strong operational momentum and a partner who shares our focus on
customer service and product innovation. I believe the future is bright
for the combined company as we bring together our strong brands to
service our collective customers' total business needs. Our entire team
is excited for the future and what we can achieve together."

As previously announced on July 24, 2018, the Company increased its 2018
outlook for legacy PGT Innovations based on strong second quarter
results. The Company also provided a full year estimate for Western
Window Systems. PGT Innovations expects to provide revised full year
2018 guidance to reflect the positive impact of the Western Window
Systems acquisition when it reports financial results for the third
quarter of 2018.

The Company also announced on August 2, 2018 the pricing of its $315
million senior notes due 2026 at 6.75%. This was the Company's first
capital raise in the notes market and their ability to execute, combined
with positive investor sentiment, resulted in quick execution and a
favorable result.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors.
Their highly-engineered and technically-advanced products can withstand
some of the toughest weather conditions on earth and are revolutionizing
the way people live by unifying indoor and outdoor living spaces.

PGT Innovations creates value through deep customer relationships,
understanding the unstated needs of the markets it serves and a drive to
develop category-defining products. PGT Innovations is also the nation's
largest manufacturer of impact-resistant windows and doors, holds the
leadership position in its primary market, and is part of the S&P
SmallCap 400 Index.

The PGT Innovations' family of brands include CGI®, PGT® Custom Windows
& Doors, WinDoor®, Western Window Systems® and CGI Commercial®. The
Company's brands, in their respective markets, are a preferred choice of
architects, builders, and homeowners throughout North America and the
Caribbean. Their high-quality products are available in custom and
standard sizes with massive dimensions that allow for unlimited design
possibilities in residential, multi-family, and commercial projects. For
additional information, visit www.pgtinnovations.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act") and the Private Securities Litigation Reform Act of
1995. These "forward-looking statements" involve risks and uncertainties
which could cause actual results to differ materially from those
contained in the forward-looking statements. Such forward-looking
statements generally can be identified by the use of forward-looking
terminology, such as "may," "expect," "expectations," "outlook,"
"forecast," "guidance," "intend," "believe," "could," "project,"
"estimate," "anticipate," "should" and similar terminology. These risks
and uncertainties include factors such as:

  • our ability to successfully integrate the Western Window Systems
    operations into our existing operations and the diversion of
    management's attention from ongoing business and regular business
    responsibilities to effect such integration;
  • the effects of increased expenses or unanticipated liabilities
    incurred as a result of or due to activities related to, the
    acquisition;
  • the risk that the anticipated cost savings, synergies, revenue
    enhancement strategies and other benefits from the acquisition may not
    be fully realized or may take longer to realize than expected or that
    our actual integration costs may exceed our estimates;
  • disruption from the acquisition making it more difficult to maintain
    relationships with customers or suppliers of Western Window Systems;
  • our level of indebtedness, which increased in connection with the
    acquisition;
  • adverse changes in new home starts and home remodeling trends,
    especially in Florida, where the substantial portion of our sales are
    currently generated and are expected to continue to be generated after
    the consummation of the acquisition, and in the western United States,
    where the substantial portion of Western Window Systems' sales are
    generated;
  • macroeconomic conditions in Florida, where the substantial portion of
    our sales are generated, and in California, Texas, Arizona, Nevada,
    Colorado, Oregon, Washington and Hawaii, where the substantial portion
    of the sales of Western Window Systems are generated, and in the U.S.
    generally;
  • raw material prices, especially for aluminum, glass and vinyl,
    including, price increases due to the implementation of tariffs and
    other trade-related restrictions;
  • our dependence on a limited number of suppliers for certain of our key
    materials;
  • sales fluctuations to and changes in our relationships with key
    customers, including the customers of Western Window Systems following
    the consummation of the acquisition of Western Window Systems;
  • in addition to the acquisition, our ability to successfully integrate
    businesses we may acquire, or that any business we acquire may not
    perform as we expected at the time we acquired it;
  • transportation costs;
  • our dependence on our impact-resistant product lines and, after the
    consummation of the acquisition, contemporary indoor/outdoor window
    and door systems;
  • product liability and warranty claims brought against us;
  • federal, state and local laws and regulations, including unfavorable
    changes in local building codes and environmental and energy code
    regulations;
  • our dependence on our limited number of geographically concentrated
    manufacturing facilities, and on consumer preferences for those types
    and styles of products;
  • risks associated with our information technology systems, including
    cybersecurity-related risks, such as unauthorized intrusions into our
    systems by "hackers" and theft of data and information from our
    systems, and the risks that our information technology systems, and
    those of Western Window Systems following the acquisition, do not
    function as intended or experience temporary or long-term failures to
    perform as intended; and
  • the other risks and uncertainties discussed in our other filings with
    the SEC.

Statements in this press release that are forward-looking statements
include, without limitation, our expectations regarding: (1) demand for
our products going forward; (2) the benefits expected from the
heightened awareness of impact resistant window and door products
resulting from Hurricane Irma and our post-Irma advertising; (3) the
Company's ability to capture a meaningful share of any increased demand
for impact-resistant products; (4) our financial and operational
performance for our 2018 fiscal year; (5) new housing starts and housing
market conditions in 2018 and beyond, especially with respect to the
State of Florida and the states in the Western U.S. where Western Window
Systems sells most of its products; (6) the breadth and innovativeness
of our product offerings, and their attractiveness to consumers; (7) the
ability of our management team and employees to execute our strategy;
(8) our ability to deleverage our debt position following the Western
Window System Acquisition; and (9) the consummation of and the
realization of the expected benefits of the acquisition, including the
ability to sell Western Window Systems' products profitably or at all in
the repair and remodel market and in PGT Innovations' core markets, and
the ability to sell PGT Innovations' products in Western Window Systems'
core markets profitably or at all. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. Except as required by law, we undertake no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances after the date of this press release.

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