Western Window Systems, a door and window manufacturer, has received an investment from PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners. Investing in the company with PWP is Western Window Systems CEO Scott Gates and other members of the senior management team.
Western Window Systems is a maker of doors and windows primarily used in wide opening applications – such as multi-slide pocket doors and bi-folding doors – that are used to facilitate indoor/outdoor living. The company’s products are manufactured from aluminum and vinyl and are sold into the high‐end custom home market, the production home market, and select commercial markets. The company was founded in 1959 and is headquartered in Phoenix (www.westernwindowsystems.com).
“Western Window Systems has a strong and differentiated competitive position and a high-caliber leadership team. We are thrilled to support Scott and the rest of the team in the realization of their strategic goals during this exciting phase of growth,” said David Ferguson, Co-Head of PWP Growth Equity.
According to PWP, Western Window is currently producing its fifth straight year of 50% sales growth, and was seeking a new partner to provide capital and expertise to back a plan to expand rapidly throughout North America. “PWP Growth Equity brings significant value to Western Window Systems, including their impressive track record of success with businesses in the building products and services sectors. We look forward to partnering with their team as we continue to pursue aggressive growth opportunities and further serve our customers,” said CEO Scott Gates.
PWP Growth Equity is co-managed by partners David Ferguson and Chip Baird and invests in lower middle market companies operating in the consumer, services, and industrial sectors. The fund closed in October 2014 at its hard cap with $600 million in capital commitments. Mr. Ferguson and Mr. Baird joined Perella Weinberg in 2012 from Weston Presidio, a lower middle market private equity firm, where they were both partners.
Perella Weinberg was founded in 2006 and has more than 400 employees in its offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco (www.pwpartners.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-4-15