WINDOW SHOPPING.

• Author: Mildenberg, David
• Position: STATEWIDE: Triangle

Cary-based Ply Gem sells about $2 billion of vinyl siding, windows and other products annually, so it seems the company would thrive in a strong economy for home construction and remodeling. It hasn't worked out that way for long-term investors: The company went public in May 2013 at $21 a share, and now New York-based Clayton Dubilier & Rice plans to acquire it for $2.4 billion, or $21.64 per share. At the same time, the private-equity group is also buying Welcome-based Atrium Windows &. Doors, which posted sales of $375 million last year and employs about 1,000 at its Davidson County site.

Ply Gem and Atrium, which is controlled by Golden Gate Capital of San Francisco, will be combined pending completion of a merger--unless the deal falls through. The New York Post reported in early February that San Francisco-based private-equity company Hellman & Friedman is weighing a higher bid for Ply Gem. At press time, shares traded for more than $21.64. Two-thirds of Ply Gem's shares are controlled by New York private-equity investor Fred Iseman, founder of CI Capital Partners. He bought Ply Gem for $570 million in 2004 and later invested hundreds of millions of additional dollars to shore up its capital and add several building-supply...