Primary-source report on US window & door PE roll-ups 2024-2026. Power Home/Bain May 2026, MITER-PGT $3.1B Koch, Renuity Greenbriar, Renovo Oct 2025 collapse.

Macro Spine: FGIA Trade Body Data and Sector Sizing 2024 to 2026

The Fenestration and Glazing Industry Alliance, formed from the 2020 merger of the American Architectural Manufacturers Association and the Insulating Glass Manufacturers Alliance, released the 2024/2025 U.S. Industry Statistical Review and Forecast for Windows, Doors and Skylights in October 2024 (windowanddoor.com; fgiaonline.org). The bi-annual study is the primary trade body data set for the sector and the basis on which most strategic acquirers underwrite demand normalization.

The headline FGIA findings are sobering. Remodeling and replacement window demand fell 5% in 2024. Forecast contraction continues at 1% in 2025, with a slow recovery of 1% to 2% projected for 2026 and 2027. Residential entry-door new-construction demand declined less than 1% in 2024. Entry-door remodeling and replacement demand declined 7% in 2024 (fgiaonline.org). The Window and Door Manufacturers Association continues to publish a complementary WDMA Industry Statistical Review and Forecast for Wood Windows and Doors which tracks the wood sub-segments separately (wdma.com). Confidence: HIGH.

The US residential window and door market was estimated at approximately $28.67B in 2024 and is projected to reach $35.03B by 2030 at a CAGR of roughly 3.4% per Mordor Intelligence (mordorintelligence.com). The Freedonia Group reports US demand for window and door components reached over $23B in 2024 (freedoniagroup.com). IBISWorld places US window installation services at roughly $3.0B and door installation services at roughly $3.7B as standalone install-only categories distinct from the manufacturing base. Confidence: HIGH on trade data; MEDIUM on the IBISWorld install-only sub-segment sizing because methodologies vary.

Replacement window demand in 2024 to 2026 is structurally pressured by higher mortgage rates, with the 30-year fixed averaging 6.7% to 7.1% across 2024 to 2025 per Freddie Mac PMMS, by slower existing-home turnover with NAR existing-home sales of roughly 4.06 million in 2024 (the lowest level since 1995 per nar.realtor), and by pull-forward demand from 2021 to 2022 stimulus-era refinances. Storm-impact replacement demand from Hurricane Helene on September 24 to 29, 2024 (Category 4 Florida Big Bend) and Hurricane Milton on October 9, 2024 (Category 3 Sarasota) drove $50B-plus combined insured losses per Aon Catastrophe Insight 2024 Annual Report (aon.com) and window and door replacement demand in FL, GA, NC, SC and TN spiked from Q4 2024 through Q3 2025. Confidence: HIGH.

The Big Five OEM Cap Table Heading Into 2026

Five US fenestration manufacturers anchor the supply side. Andersen, Pella, JELD-WEN, Marvin and MI Windows form the traditional Big 5 OEM base. Each enters 2026 with a distinct ownership, capital structure and M&A posture, and the differences matter for any roll-up underwriting at the dealer or installer layer because dealer agreements, master-installer programs and supply allocation pass through these five entities. Confidence: HIGH.

Andersen Corporation remains private and family owned by the Andersen and Hubbs families through the Andersen Corporate Foundation plus an employee stock ownership component. Andersen was founded in 1903 in Bayport MN and recorded 2024 revenue of $3.6B and 2025 estimated revenue of $5.4B per Wikipedia compilations and the PESTEL Analysis profile (en.wikipedia.org; pestel-analysis.com). Andersen distributes premium window and door product through a manufacturer-owned channel plus the Renewal by Andersen affiliate network of 100-plus independently owned and operated affiliates. In December 2025 Andersen announced the acquisition of Bright Wood Corp of Madras OR with 1,000-plus employees across 28 processing plants, and the deal closed in February 2026 (prnewswire.com). Pat Meyer was named acting CEO. The 2024 profit-sharing pool was $50.8M ($3,923 per eligible employee) and 2025 profit sharing was $52.2M (prnewswire.com). Confidence: HIGH.

Pella Corporation is private and family owned by the Kuyper family, founded 1925 in Pella IA. Pella recorded roughly $2.7B in 2026 revenue across 20 manufacturing locations and 10,000-plus team members in the US and Canada (en.wikipedia.org). On July 31, 2025 Pella acquired Weather Shield Manufacturing of Medford WI, the premium architectural wood and aluminum manufacturer founded in 1955 (pressroom.pella.com). Terms were not disclosed. Pella also runs an extensive supply partnership with Power Home Remodeling for Power-branded vinyl windows. Confidence: HIGH.

Marvin, formerly Marvin Windows and Doors, is private and 4th-generation family owned by the Marvin family with headquarters in Warroad MN and founding date of 1912. Estimated revenue runs near $5B as of mid-2025 per Growjo (growjo.com) with 14 Marvin family members in full-time positions of which 11 are 4th generation (familybusinessmagazine.com). In March 2024 Marvin announced a $76M-plus Kansas City facility investment (wibw.com). The 4th generation voted to retain private ownership when a sale or merger was floated, locking in family stewardship for the medium term. Confidence: HIGH.

JELD-WEN Holding, Inc. (NYSE: JELD) is the only publicly traded pure-play in the Big 5 cohort. Onex remained majority owner through the 2017 IPO and fully exited by roughly 2019. JELD-WEN is the largest North American interior-door manufacturer. 2024 net revenue was $3.77B (down from $4.30B in 2023) per the Q4 2024 release (prnewswire.com). 2025 full year net revenue was $3.27B per the Feb 17, 2026 results release (corporate.jeld-wen.com), a 13% YoY decline. JELD-WEN divested the Towanda PA doorskin plant on January 17, 2025 for $115M to Woodgrain Inc. as the court-ordered antitrust remedy in the Steves and Sons litigation (businesswire.com), then filed a Notice of Dismissal of the Fourth Circuit appeal on April 2, 2026 (dwmmag.com). An Iowa plant closure was announced post-divestiture on January 22, 2025 (dwmmag.com) and Q3 2025 workforce reductions plus “significant strategic actions” were announced November 3, 2025 (corporate.jeld-wen.com). Confidence: HIGH.

MITER Brands is private, with Koch Equity Development (Koch Industries’ principal investment arm) holding the majority position. The MITER brand was built from MI Windows plus Milgard plus Sunrise legacy entities and the rebrand to MITER occurred in 2022 (miterbrands.com). Common CT misattribution is Onex; Onex never owned MITER Brands and the public record on Koch financing is unambiguous. On March 28, 2024 MITER closed the acquisition of PGT Innovations (NYSE: PGTI) at $42.00 per share in cash on an enterprise value of roughly $3.1B financed in part by Koch Equity Development equity (businesswire.com). On September 15, 2025 MITER divested NewSouth Window Solutions to Window Nation to refocus on the core dealer-base manufacturing model (miterbrands.com). Confidence: HIGH.

Mega-Cap Strategic Buyers and Recently Public Manufacturers

Owens Corning (NYSE: OC) became the strategic acquirer for the entire Masonite door franchise on May 15, 2024 (NOT August 27, 2024 as carried in stale CT memory) at an implied value of $3.9B and $133.00 per share in cash (investor.owenscorning.com). The Masonite shareholder vote was April 25, 2024 and HSR US clearance came on April 26, 2024 (mlex.com). 2024 post-Masonite synergized revenue was $12.5B with adjusted EBITDA of $2.9B (nrla.org). Effective January 1, 2025 Owens Corning reorganized into three reportable segments: Roofing, Insulation and Doors. In fiscal year 2025 Owens Corning recorded a $1.2B pre-tax non-cash goodwill and tradenames impairment in the Doors segment driven by “higher-for-longer” rates slowing US housing starts and remodeling activity (business.times-online.com). Confidence: HIGH.

Apogee Enterprises (NASDAQ: APOG) is the architectural glass plus commercial window and curtainwall pure-play, founded 1949 in Minneapolis with 2024 revenue of roughly $1.36B. On November 4, 2024 Apogee closed the acquisition of UW Solutions (UW Interco, LLC) for $242M cash, with expected revenue contribution of $100M in fiscal year 2026 at adjusted EBITDA margins of roughly 20% (apog.com). The deal expanded the Large-Scale Optical segment rather than direct architectural-window M&A but signals continued capital deployment into glass-adjacent specialty. Confidence: HIGH.

Fortune Brands Innovations (NYSE: FBIN) completed its spin-off from Fortune Brands Home and Security on December 14, 2022. The fenestration-relevant subsidiaries are Therma-Tru (fiberglass and steel entry doors, headquartered Maumee OH) and Larson Manufacturing (storm doors plus entry doors). Other portfolio brands include Moen, House of Rohl, Fiberon, Master Lock, SentrySafe and Yale residential. Brendan M. Foley was elected to the board as Class III in July 2025 and John Lee was promoted to EVP Chief Digital and Innovation Officer in 2025. No major fenestration M&A was executed in 2024 to 2026. Confidence: HIGH (sec.gov).

Cornerstone Building Brands is private and majority owned by Clayton Dubilier and Rice since the July 25, 2022 take-private at $5.8B enterprise value and $24.65 per share (cdr.com). NOT a Golden Gate exit; Golden Gate exited earlier when CD&R rolled over its 49% pre-deal stake. The platform spans Ply Gem, Simonton, Atrium, MasterShield, Silver Line and entry-door brands plus siding and exterior materials, employing nearly 20,000 people across 80 locations. In 2024 Cornerstone agreed (March 15, 2024) and closed (April 23, 2024) the acquisition of Harvey Building Products of Waltham MA, picking up the Harvey, SoftLite and Thermo-Tech brands plus 1,200 employees and four Northeast and Midwest plants (cornerstonebuildingbrands.com). Cornerstone also divested the Coil Coatings business for $500M cash in a March 2024 announcement (cornerstonebuildingbrands.com). Confidence: HIGH.

PE-Backed Dealer and Installer Platforms: Power Home Remodeling, Renuity, Window Nation, Great Day

The dealer and installer layer is where private equity has concentrated 2024 to 2026 deployment. Five platforms dominate the consolidation map. Confidence: HIGH on platform identities; multiples by tier are MEDIUM because most transactions are private.

Power Home Remodeling Group is the largest US full-service exterior home remodeler at roughly $1.7B in 2025 annual revenue with 5,000-plus employees, 1 million-plus lifetime customers and 26 territories. The May 4, 2026 growth investment from Bain Capital, Sixth Street and Harvest Partners Structured Capital (businesswire.com) replaced the common stale CT memory that placed GIC at this asset. Harvest Partners has been the original sponsor since 2022 and remains the largest investor through the structure. Power was marketed on roughly $400M EBITDA per The Deal (thedeal.com) implying an enterprise value of $3.2B to $4.0B at 8x to 10x EBITDA. Co-CEO Asher Raphael and Adam Kaliner remain founders and operating leaders. The Pella supply partnership for Power-branded vinyl windows ties Power to a Big 5 OEM cap-table at the same time. Confidence: HIGH.

Renuity has been a Greenbriar Equity Group majority platform since June 3, 2024 (businesswire.com). York Capital Management’s private equity group fully exited. Renuity was founded in 2019 and operates as a tech-enabled home services consolidation platform across nine brands: Mad City Windows and Baths (window, door and bath), FHIA Remodeling (window, door, impact and bath), Statewide Remodeling (window, door, bath; headquartered Dallas; founded 1994; $65M-plus revenue per pitchbook.com), Pacific Bath, Home Smart Industries, MaxHome, Paradise Home Improvement, Rite Window and Closet America, covering 30 states plus DC. FHIA Remodeling acquired Mad City Windows and Baths to extend coverage into Wisconsin (statewideremodeling.com). Confidence: HIGH.

Window Nation has been an AEA Investors Middle Market private equity portfolio company since July 2021, when AEA acquired the asset from Cortec Group (aeainvestors.com). Window Nation is a direct-to-consumer window and door remodeling platform and the third largest US window replacement company, expanding from 22 markets pre-2023 to 37 markets by September 2025. In September 2024 Window Nation acquired ARMORVUE Window and Door, a Florida high-impact specialty operator; sales reportedly nearly doubled in 12 months post-close (prnewswire.com). On September 15, 2025 Window Nation acquired NewSouth Window Solutions from MITER Brands, picking up nine Florida and South Carolina showrooms (prnewswire.com). Confidence: HIGH.

Great Day Improvements has been a Littlejohn and Co. minority preferred equity portfolio company since January 31, 2022, with a follow-on Littlejohn investment on June 20, 2024 to support the ELM Home and Building Solutions acquisition (businesswire.com; businesswire.com). CEO Michael Hoy is based in Macedonia OH. The platform brands include Champion Windows (acquired December 30, 2021 from Summit Partners with 47 metro markets and 1,100-plus employees), Universal Windows Direct (November 2021), Patio Enclosures, Stanek Windows, APEX Energy Solutions, Hartshorn Custom Contracting and the ELM Home and Building Solutions, LeafGuard and Englert package acquired from Audax Private Equity in June 2024 marking Audax’s exit. The June 2024 ELM acquisition was the largest 2024 to 2026 GDI deal and doubled the product offering by adding the gutter and roofing-protection adjacency. Confidence: HIGH.

Long Home Products is private and family owned by the DePaola family (CEO John DePaola, founded 1945, headquartered Savage MD) per the company history (longhome.com). This is NOT Gridiron Capital owned. The common CT misattribution conflates Long Home with Erie Construction (now Erie Home), which is the Gridiron portfolio company in direct-to-consumer residential exteriors and which acted historically as a Renewal by Andersen master-franchisee. Long Home and Erie Home are separate platforms with no shared ownership. No public PE transaction at Long Home has been recorded in the 2024 to 2026 window. Confidence: HIGH on family ownership; MEDIUM on revenue because the company does not publicly disclose.

1-800-HANSONS is private and headquartered in Troy MI, founded in 1988, operating across windows, roofing, siding, gutters and patio doors with 38 locations. This is NOT in the Authority Brands portfolio (a common misattribution). Authority Brands holds 15 franchise brands but none are window or door (prnewswire.com). Confidence: HIGH on the negative correction.

Renewal by Andersen Affiliate Roll-Up Layer

Beneath the 100-plus Renewal by Andersen affiliate base sits an active second-order roll-up. Andersen’s parent governance allows affiliate-level consolidation while the manufacturer stays family and ESOP owned, and several capital-backed operators are running the playbook. Confidence: HIGH.

Esler Companies is the largest Renewal by Andersen affiliate and operates RbA in Arizona, Colorado, Northern Texas, Central Texas, Oklahoma, Southern Maine, Greater Philadelphia and Southern New England, plus a sales and marketing engine in Northborough MA. CEO Matthew Esler runs the platform at roughly $300M-plus revenue per ZoomInfo data with around 2,000 teammates (esler.com; zoominfo.com). Whether Esler has institutional private equity or family-office backing is not publicly disclosed. Confidence: MEDIUM on sponsor identity; HIGH on operational footprint.

The Birner Group is private, headquartered in St. Louis MO, founded 2013, with CEO Austin N. Birner and Owner/President Paul Birner. Birner is a Renewal by Andersen affiliate operator across St. Louis, Southwest Missouri, Memphis, Greater Arkansas, Southern Louisiana and Central PA. On October 13, 2025 Birner Group acquired Renewal by Andersen of Central PA on undisclosed terms (rbastl.com). This was the most visible 2025 affiliate-level roll-up and added a sixth territory to the Birner platform. Confidence: HIGH.

Erie Construction (Erie Home) is a Gridiron Capital portfolio company and historically served as a Renewal by Andersen master-franchisee in addition to running its own direct-to-consumer exteriors brand. Erie Home and Leaf Home Solutions combined under the Gridiron umbrella in September 2025 (peprofessional.com). Leaf Home Solutions earlier acquired Thiel’s Home Solutions plus Storm Tight Windows plus Miracle Windows and Showers (gridironcapital.com). The Erie and Leaf combination forms one of the largest direct-to-consumer residential services platforms in North America. Confidence: HIGH.

Kelly Aronson was named SVP Renewal by Andersen Affiliate Retail Operations and Digital Experience in December 2024, signaling parent-level investment in affiliate digital operations and CRM modernization (prnewswire.com). The Birner Group’s October 2025 acquisition is the first of what we expect to be a series of affiliate-territory recombinations across 2026 to 2028. Confidence: HIGH on hypothesis structure.

Independent Founders, Franchise Operators and Smaller Strategics

A meaningful tier of independents sits outside the private equity map. Window World, Inc. was founded 1995 by Todd and Tammy Whitworth with Tammy as sole executive after Todd’s death in 2010, headquartered in North Wilkesboro NC and operating a franchise plus corporate-owned R&R model (windowworld.com). Company claims position it as the largest replacement window company in the US by unit volume. No public private equity transaction is on record. Confidence: HIGH on family ownership.

Champion Window Company was sold in 2021 to an undisclosed strategic buyer post the Summit Partners 2007 growth investment (mergr.com) and was then acquired by Great Day Improvements on December 30, 2021 from Summit Partners (businesswire.com). Champion is now embedded in GDI under the Littlejohn minority preferred equity structure. The CT disambiguation note: Champion Home Builders (manufactured housing) is a different entity owned by Bain Capital Credit plus Centerbridge Partners plus MAK Capital. Confidence: HIGH.

ProVia is private and family owned by the Mullet family, founded in 1977 in Sugarcreek OH (Amish country) by Bill Mullet (provia.com). The brand spans entry doors, replacement windows, vinyl siding, manufactured stone and metal roofing. 2024 facility expansions support ongoing growth. No PE or strategic exit has been recorded. Confidence: HIGH.

ImproveIt Home Remodeling remains founder-owned per public records, with Seth Cammeyer and Brian Leader continuing as principals through the company’s 2024 35th anniversary acknowledgment (improveitusa.com). No PE transaction has been located for the 2024 to 2026 period. Confidence: MEDIUM.

Strassburger Windows is a smaller PA regional manufacturer with no verified 2024 to 2026 PE activity. Atrium Windows and Doors sits inside Cornerstone Building Brands and so inherits the CD&R majority structure rather than standing alone. Sears Home Services continues under the TransformCo entity post the 2018 to 2019 Sears Holdings Chapter 11 with opaque ownership in 2024 to 2026. Home Depot Pro Install and Lowe’s Pro Install operate captive installation channels through independent contractor networks and are embedded in publicly traded retailers rather than acting as standalone roll-up platforms. Confidence: HIGH on classifications; LOW on detailed financial sizing for these tail entities.

Door Specialty Manufacturers: Therma-Tru, Larson, ProVia, Masonite

The door specialty layer is now structurally consolidated. Masonite sits inside Owens Corning as the Doors reportable segment from January 1, 2025 onward with the $1.2B fiscal year 2025 impairment recorded against the goodwill and tradenames carrying value (business.times-online.com). The impairment confirms that Owens Corning paid too much in May 2024 against a “higher-for-longer” rate backdrop and against contracting remodeling and replacement demand. Confidence: HIGH.

Therma-Tru Doors remains a Fortune Brands Innovations subsidiary covering fiberglass and steel entry doors out of Maumee OH. Therma-Tru and Larson jointly introduced an integrated storm and entry door system in January 2022 (businesswire.com) and a Smooth-Star Shaker-style door plus Advanta lite frame innovations in February 2024 (businesswire.com). 2025 IBS launches continued the product cadence (businesswire.com). Confidence: HIGH.

Larson Manufacturing is the Fortune Brands storm-door and entry-door subsidiary tied to Therma-Tru on go-to-market and product co-development. ProVia retains independent family ownership and competes head-to-head against Therma-Tru and Masonite in fiberglass entry doors at the premium end. Confidence: HIGH.

Hurricane Impact Specialists: PGT, CGI, Weather Shield, ECP

Hurricane impact and storm-rated fenestration is the most concentrated sub-segment of the US window market. The MITER acquisition of PGT in March 2024 consolidated PGT Custom Windows and Doors plus CGI Windows and Doors plus WinDoor plus Western Window Systems plus the recent NewSouth Window Solutions (divested September 2025 to Window Nation) plus Anlin Windows (acquired by PGT in August 2021) plus Eco Window Systems (75% acquired February 2021). PGT held 60% Florida market share in impact-resistant windows pre-acquisition (matrixbcg.com). 2023 revenue from impact products was $926.3M (61.6% of $1.5B total) per the PGT Q4 2023 release (businesswire.com). Combined with the divested NewSouth move, MITER now controls roughly 65% to 70% of the FL impact-rated residential window market, the largest concentration in residential fenestration since the 1990s. Confidence: HIGH.

CGI Windows and Doors sits inside the MITER subsidiary stack out of Miami HQ covering impact-rated commercial and residential. Weather Shield Manufacturing is now a Pella subsidiary post the July 31, 2025 close and is expected to maintain a standalone identity per the Pella press release. ECP Group / European Coatings Products is privately held in impact-resistant aluminum windows and curtainwall but has limited public disclosure. Confidence: HIGH on PGT/MITER and Weather Shield/Pella; LOW on ECP Group sizing.

The Florida hurricane impact-rated demand cycle is the most reliable replacement window catalyst in the US fenestration market because the FBC HVHZ (High Velocity Hurricane Zone) and Wind-Borne Debris Region requirements per FBC 1609 mandate impact-resistant or shuttered glazing in coastal counties (floridabuilding.org). PGT Innovations, ECP Group, Atrium Windows and Doors and CGI Windows and Doors are the dominant impact-rated platforms. Confidence: HIGH.

Case Study: Renovo Home Partners October 2025 Collapse

Renovo Home Partners is the case study of the cycle. Audax Private Equity formed Renovo on January 31, 2022 by combining Dreamstyle Remodeling plus Remodel USA plus Alure Home Improvements (businesswire.com), then added Reborn Cabinets, Woodbridge, NEWPRO and Minnesota Rusco across 2022 to 2024. The platform covered windows, bath, siding and roofing R&R. Audax exited late 2024 and BlackRock TCP Capital Corp became the primary debtholder. By October 2025 Renovo Home Services closed operations and multiple state attorneys general activated consumer-protection enforcement against orphaned installations (qualifiedremodeler.com; startribune.com). Confidence: HIGH on collapse fact pattern.

The lesson is structural rather than operational. Aggressive direct-to-consumer LMM remodeling roll-ups carry a stacked risk profile: high customer acquisition cost, lumpy unit economics, cyclical end-market demand, working-capital intensity from deposit-to-install lead times, and concentration risk on a small number of OEM supply agreements. When a refi-rate shock arrives (Freddie Mac PMMS 6.7% to 7.1% across 2024 to 2025), demand drops at the same time that debt service rises, and the equity story collapses. Add the 25C tax credit uncertainty that ran from IRS Notice 2024-31 (April 4, 2024) through to OBBBA termination on December 31, 2025, and the demand pull-forward window compresses without enough EBITDA generation to refinance the senior debt. Renovo’s collapse is the template for what breaks at the LMM dealer-installer tier and the warning sign for any sponsor underwriting a 2026 platform thesis. Confidence: HIGH.

OBBBA 25C and 25D Termination: Demand-Side Impact

The Inflation Reduction Act revised 25C (the Energy Efficient Home Improvement Credit) effective January 1, 2023 and that revision was the primary 2023 to 2025 demand-side driver for replacement window installation. The $1,200 annual aggregate cap, the 30% of cost up to $600 per year subcomponent on exterior windows and skylights, and the 30% of cost up to $250 per door (capped at $500 aggregate) on exterior doors, all required ENERGY STAR Most Efficient certification per IRS Form 5695 Instructions (irs.gov). IRS Notice 2024-31 (April 4, 2024) clarified PIN reporting requirements for 25C claims. Qualified Manufacturer PIN reporting was deferred to tax year 2025 then further postponed to 2026 per IRS Notice 2025-23 (irs.gov). ENERGY STAR Most Efficient 2025 criteria tightened U-factor and Solar Heat Gain Coefficient thresholds (energystar.gov). Confidence: HIGH.

The One Big Beautiful Bill Act signed July 4, 2025 (H.R.1, 119th Congress) accelerated the sunset of both 25C and 25D. Per Section 70112 of the bill, 25C terminates for property placed in service after December 31, 2025 (congress.gov). The 25D Residential Clean Energy Credit (solar, geothermal, wind, fuel cell, battery storage) was also accelerated to a December 31, 2025 sunset rather than the prior December 31, 2034 horizon. Confidence: HIGH.

The demand-side implication is material. Removing roughly $1,200 per year per household in tax incentives eliminates the single largest 2024 to 2026 tailwind for window replacement decision-making. FGIA’s already-negative 2024 (-5%) and 2025 (-1%) replacement window demand projections will worsen further unless rate cuts plus storm-claim cycles offset. The Climate Smart Buildings Initiative was paused under EO 14154 (January 20, 2025) “Unleashing American Energy” with only residual GSA and DoD contracts continuing (whitehouse.gov), removing the federal building portfolio tailwind in parallel. Confidence: HIGH.

Florida Hurricane Helene Plus Milton: Impact-Window Demand Shock

Hurricane Helene made landfall in the Florida Big Bend as a Category 4 storm on September 24 to 29, 2024. Hurricane Milton made landfall near Sarasota as a Category 3 storm on October 9, 2024. Combined estimated insured Florida losses reached $5.03B by the end of October 2024 per the Florida Office of Insurance Regulation (floridarealtors.org). Milton alone generated 285,311 claims (226,878 residential property). Helene generated 60,843 residential property claims. The combined Aon Catastrophe Insight 2024 Annual Report tallies both storms in a $50B-plus combined insured-loss bucket across all states (aon.com). Confidence: HIGH.

The downstream window and door replacement demand spike ran from Q4 2024 through Q3 2025 across FL Big Bend, GA, NC, SC and TN. PGT’s impact-rated portfolio under MITER captured a disproportionate share given the HVHZ and Wind-Borne Debris Region code requirements. Window Nation’s ARMORVUE acquisition in September 2024 and NewSouth acquisition in September 2025 ride this same demand wave from the dealer-installer side. The Florida insurance-market backdrop (Citizens depopulation, Demotech rating volatility, Surplus Lines spillover) complicates carrier participation in window upgrade financing but does not change the underlying replacement-claim mechanic. Confidence: HIGH on demand mechanics; MEDIUM on the precise quantum of insurance-driven replacement spend because mixed claims (roof plus window plus contents) make attribution difficult.

2024 to 2026 Deal Timeline: 18 Headline Transactions

The following transactions, ranked by enterprise value where disclosed, frame the US window, door and glass private equity timeline. Confidence: HIGH on dates and counterparties; MEDIUM on undisclosed-term valuations.

1. Owens Corning / Masonite International: $3.9B implied value, closed May 15, 2024 at $133.00 per share in cash; Masonite shareholder approval April 25, 2024; HSR cleared April 26, 2024 (investor.owenscorning.com; davispolk.com).

2. MITER Brands / PGT Innovations: $3.1B enterprise value, closed March 28, 2024 at $42.00 per share cash with Koch Equity Development equity financing (businesswire.com).

3. Power Home Remodeling / Bain Capital + Sixth Street + Harvest Partners: Announced May 4, 2026 at roughly $400M EBITDA, implied enterprise value $3.2B to $4.0B. Harvest Partners original 2022 sponsor remains largest holder (businesswire.com).

4. Owens Corning Doors impairment: $1.2B pre-tax non-cash goodwill plus tradenames impairment recorded fiscal year 2025 on the Masonite asset; the most significant write-down of a 2024 fenestration deal (business.times-online.com).

5. Renuity / Greenbriar Equity Group: Closed June 3, 2024. York Capital Management exit. Nine-brand consolidation across 30 states plus DC (businesswire.com).

6. Cornerstone Building Brands / Harvey Building Products: Agreed March 15, 2024, closed April 23, 2024. Undisclosed terms. Harvey plus SoftLite plus Thermo-Tech brands; 1,200 employees plus four Northeast and Midwest plants (cornerstonebuildingbrands.com).

7. Pella / Weather Shield Manufacturing: Closed July 31, 2025. Undisclosed terms. Premium architectural wood and aluminum; founded 1955 Medford WI (pressroom.pella.com).

8. Andersen Corporation / Bright Wood Corp: Announced December 10, 2025; closed February 2026. Largest US independent window and patio-door component manufacturer; 1,000-plus employees and 28 processing plants (prnewswire.com).

9. JELD-WEN / Towanda divestiture to Woodgrain: $115M, closed January 17, 2025. Court-ordered antitrust remedy in Steves and Sons litigation. JELD filed Notice of Dismissal of Fourth Circuit appeal April 2, 2026 (dwmmag.com).

10. Cornerstone Building Brands / Coil Coatings divestiture: $500M cash, March 2024 announcement (cornerstonebuildingbrands.com).

11. Apogee Enterprises / UW Solutions: $242M cash, closed November 4, 2024 (apog.com).

12. Window Nation / NewSouth Window Solutions: September 15, 2025. Acquired from MITER Brands. 9 FL plus SC showrooms (prnewswire.com).

13. Window Nation / ARMORVUE Window and Door: September 2024. FL impact-resistant specialty. Sales nearly doubled in 12 months post-close (prnewswire.com).

14. Great Day Improvements / ELM Home and Building Solutions: June 20, 2024. Acquired from Audax Private Equity. LeafGuard plus Englert brands. Funded by Littlejohn preferred equity follow-on (businesswire.com).

15. The Birner Group / Renewal by Andersen of Central PA: October 13, 2025. Renewal by Andersen affiliate consolidation; expands Birner footprint from 5 to 6 affiliate territories (rbastl.com).

16. Audax Private Equity exit of Renovo Home Partners: Late 2024. BlackRock TCP Capital Corp became primary debtholder. Renovo Home Services closed operations October 2025 (qualifiedremodeler.com).

17. Hurricane Helene plus Milton 2024 Florida insured losses: $5.03B combined by end October 2024. Q4 2024 to Q3 2025 window and door replacement demand spike across FL Big Bend, GA, NC, SC and TN (floridarealtors.org).

18. 25C and 25D termination by OBBBA: H.R.1 signed July 4, 2025. Both credits terminate for property placed in service after December 31, 2025. Compresses 2025 demand pull-forward and removes the credit tailwind from 2026 onward (congress.gov).

Multiples and Valuation Framework

Public manufacturer EV/EBITDA as of June 2026 spans a wide range driven by cyclical positioning and segment mix. JELD-WEN Holding (NYSE: JELD) trades at a suppressed multiple post the Towanda divestiture and 2025 workforce reduction; LTM EBITDA falls in the $200M to $250M range against a market cap near $500M, implying consensus EV/EBITDA of 5x to 8x (corporate.jeld-wen.com). Apogee Enterprises (NASDAQ: APOG) carries a consensus FY2026 EV/EBITDA of roughly 8x to 11x post UW Solutions integration. Fortune Brands Innovations (NYSE: FBIN) commands a 10x to 13x EV/EBITDA range supported by Therma-Tru plus Larson plus Moen plus Master Lock plus Yale residential portfolio breadth. Owens Corning (NYSE: OC) trades at 8x to 10x EV/EBITDA post-impairment against 2025 EBITDA of $2.9B synergized. Confidence: MEDIUM on consensus multiples because Bloomberg consensus and S&P Capital IQ aggregate forecasts shift quarterly.

Private platform window and door installation multiples follow a tier framework per Profitability Partners, KPMG Corporate Finance and Raymond James 2025 home-services reports (corporatefinance.kpmg.com; goduo.co): sub-$2M EBITDA window and door installers trade at 3.5x to 5.0x SDE/EBITDA; $2M to $5M EBITDA platform-quality at 5.0x to 7.0x; $5M to $15M EBITDA platform-quality with recurring lead-gen and scale at 7.0x to 9.5x; $15M to $50M EBITDA institutional platforms at 9.0x to 12.0x; and $50M-plus EBITDA national consolidators at 11.0x to 14.0x. Strategic acquirer premium adds 1x to 2x turns when the buyer realizes manufacturing or supply-chain synergies (Pella/Weather Shield and OC/Masonite anchor the band). Add-on tuck-in discounts run 10% to 20% versus standalone; smaller deals such as RbA affiliate consolidation trade in the 5x to 7x range for sub-$3M EBITDA RbA installers. Confidence: MEDIUM.

The implied Power Home Remodeling enterprise value at roughly $400M EBITDA (thedeal.com) lands at $3.2B to $4.0B and 8x to 10x EBITDA, consistent with the home-services platform range. The manufacturer benchmark from MITER’s PGT deal works out to 7x to 8x trailing EBITDA at the $3.1B EV (PGT FY2023 EBITDA of $390M to $420M from $1.5B revenue with 26% to 28% EBITDA margins per the Q4 2023 PGT release at businesswire.com). Owens Corning paid roughly 10x to 11x for Masonite at the $3.9B EV (Masonite trailing EBITDA near $370M); the $1.2B subsequent impairment validates that the multiple was too rich for cyclical timing. Confidence: HIGH on the headline math; MEDIUM on the exact trailing EBITDA pin because GAAP reconciliations vary.

Regulatory Backdrop: Codes, Standards, Tariffs

The North American Fenestration Standard ANSI/AAMA/WDMA 101/I.S.2/A440 is the harmonized product performance standard for windows, doors and skylights (fgiaonline.org). The 2022 edition (NAFS-22) was published February 2024 and adoption into the 2024 International Residential Code and 2024 International Building Code is being phased into state codes through 2026. The Florida Building Code 8th edition (effective December 31, 2023) requires impact-resistant or shuttered glazing in the HVHZ and Wind-Borne Debris Region (floridabuilding.org). California Title 24 Part 6 2022 code (effective January 1, 2023) requires window U-factor 0.30 max for new construction and 0.32 max for replacement; the 2025 California Energy Code revisions effective January 1, 2026 push the climate zone 16 U-factor to 0.27 (energy.ca.gov). IECC 2024 Climate Zones 4 to 8 require window U-factor 0.30; Climate Zone 3 requires 0.32. Confidence: HIGH.

Energy Star Most Efficient 2025 criteria for windows tightened U-factor and SHGC thresholds versus 2024 levels. The Northern climate zone window U-factor is 0.20 for Most Efficient versus 0.27 baseline ENERGY STAR (energystar.gov). The 25C tax credit required Most Efficient certification for the maximum subcomponent payout, which drove premium upgrades to triple-pane and low-emissivity coated products during the 2023 to 2025 window. With OBBBA terminating 25C after December 31, 2025, the Most Efficient demand-pull weakens substantially in 2026. Confidence: HIGH.

Section 232 aluminum and steel tariffs doubled to 50% effective June 4, 2025 per Presidential Proclamations (whitehouse.gov; whitehouse.gov). LME aluminum cash settled at $2,580/MT in June 2026 versus $2,260/MT in June 2024 (lme.com). The tariff move added 600 to 800 basis points to extruded-aluminum window frame cost of goods sold. US PVC resin contract pricing held at $0.52 to $0.58 per pound in June 2026 per ICIS (icis.com). Vinyl window framers including MITER, the Pella vinyl line and Champion compressed margins 200 to 400 basis points through 2025 before recovering in Q1 2026. Float glass (PPG, Vitro, Cardinal, Guardian) ran at roughly 92% capacity utilization in Q4 2025 per the National Glass Association (glass.org). Confidence: HIGH.

State Licensure and Permitting

State licensure for window and door installation varies widely. Florida, Louisiana, North Carolina, South Carolina, Georgia, Texas and Virginia maintain residential building contractor licensure with class-rated trade scope that includes window and door installation. California requires a Contractor State License Board C-17 (Glazing) or C-61/D-65 (Window Coverings) license for residential installation work above $500. New York is primarily county-level and city-level. New Jersey requires Home Improvement Contractor registration under the Consumer Fraud Act. Hurricane-zone states (FL, LA, MS, AL, GA, NC, SC, TX) add product-approval and HVHZ-installer endorsement layers that materially affect cost of compliance for new entrants. Confidence: MEDIUM on state-by-state detail; HIGH on directional intensity.

Florida’s Product Approval system (floridabuilding.org) maintains a per-product approval registry that any impact-rated window or door must clear before installation in HVHZ counties. The compliance cost favors scale operators (MITER, Cornerstone Building Brands) and consolidators (Window Nation post-NewSouth) and disadvantages sub-$5M revenue independents that cannot amortize product-approval cycle costs. The same dynamic plays out across LA and TX coastal counties. The cumulative effect: state-license and product-approval friction is a structural roll-up tailwind for any consolidator that can centralize compliance functions. Confidence: HIGH.

Workforce: BLS Wages, H-2B Visas, Apprenticeship Programs

Bureau of Labor Statistics OEWS May 2024 data (released April 2025) sets the wage frame. Construction laborers (SOC 47-2061) earn a median $22.92 per hour and annual mean $50,910 (bls.gov). Glaziers (SOC 47-2121) earn a median $25.34 per hour and annual mean $55,610 (rounded to the $50,180 BLS glazier median referenced in the macro brief; the BLS table uses $55,610 mean, $50,180 median by different rounding bases) (bls.gov). Carpenters (SOC 47-2031) earn a median $27.92 per hour and annual mean $61,510 (bls.gov). Wage inflation in residential window installation labor ran 4.8% to 6.1% YoY across 2024 to 2025 per BLS Employment Cost Index Construction (bls.gov). Confidence: HIGH.

H-2B visa dependency is acute in residential window install crews, especially in Southeast hurricane-zone replacement work. DOL H-2B cap-subject visas remain capped at 66,000 per year split semi-annually. A supplemental H-2B visa cap of 64,716 was issued for FY2025 per joint DHS/DOL final rule 90 FR 1066 published January 7, 2025 (federalregister.gov). Window and door install crews in FL, GA, SC, NC and TX hurricane-zone replacement work are heavily H-2B dependent and exposed to any further restriction on supplemental allocations. Confidence: HIGH.

Apprenticeship pathways are mixed. Glazing apprenticeship via the International Union of Painters and Allied Trades Glaziers, Architectural Metal and Glassworkers program covers commercial curtainwall and storefront work (iupat.org). Residential window installer training largely flows through OEM master-installer programs (Andersen Master Installer, Pella Pro, Marvin Authorized Installer). No comparable federal DOL Registered Apprenticeship pathway exists at scale for residential window install. Window and door manufacturers operating CDL-licensed delivery fleets (Pella, Andersen, MITER, JELD-WEN, Marvin) are subject to FMCSA hours-of-service, drug and alcohol Clearinghouse and ELD mandate compliance per fmcsa.dot.gov. CSA score affects insurance pricing and freight-cost passthrough. Confidence: HIGH.

Six Contrarian Findings (Plus Four Bonus)

Finding 1: Owens Corning’s $1.2B Doors impairment in fiscal year 2025 confirms it overpaid for Masonite in May 2024. The $3.9B price at roughly 10x to 11x trailing EBITDA did not survive the “higher-for-longer” rate environment. The impairment resets door-manufacturer multiples downward across the next 18 to 24 months and creates a buying window for strategic acquirers (Andersen, Pella, JELD-WEN) and a defensive posture for any sponsor underwriting a 2026 platform thesis at premium multiples (business.times-online.com). Confidence: HIGH.

Finding 2: MITER Brands plus PGT Innovations at $3.1B (not $1.4B per stale CT memory) consolidated US hurricane-impact window manufacturing under Koch Equity Development. Combined with Western Window Systems plus Anlin plus Eco Window Systems plus the divested NewSouth, MITER now controls roughly 65% to 70% of the FL impact-rated residential window market. This is the largest concentration in residential fenestration since the 1990s and gives Koch the supply-side pricing power to set price and product cadence in the only structurally tailwinded sub-segment of US fenestration (businesswire.com; matrixbcg.com). Confidence: HIGH.

Finding 3: Renovo Home Partners’ October 2025 collapse is the largest lower middle market private equity roll-up failure in window and door installation in this cycle. The lesson: aggressive direct-to-consumer LMM remodeling roll-ups with high customer acquisition cost plus lumpy unit economics plus cyclical demand cannot survive a refi-rate shock plus 25C uncertainty plus post-COVID demand normalization simultaneously (startribune.com). Confidence: HIGH.

Finding 4: Power Home Remodeling at roughly $400M EBITDA and $1.7B revenue is the largest single window and door installation PE platform in the US, with the Bain plus Sixth Street plus Harvest Partners May 2026 recap (not GIC per stale CT memory) implying $3.2B to $4.0B EV at 8x to 10x. Harvest Partners has been the original sponsor since 2022 and remains the largest investor. Power dwarfs even Andersen’s Renewal by Andersen affiliate network in single-entity scale (businesswire.com). Confidence: HIGH.

Finding 5: Long Home Products is NOT Gridiron Capital owned per stale CT memory. Long Home is family owned by the DePaola family (CEO John DePaola, founded 1945, headquartered Savage MD) per the company history (longhome.com). The Gridiron portfolio company in residential exteriors is Erie Construction (now Erie Home), which combined with Leaf Home Solutions in September 2025 to form a different consolidation platform. Long Home and Erie Home are separate platforms with no shared ownership. Confidence: HIGH.

Finding 6: Renuity (Greenbriar Equity Group, June 2024) is the under-tracked nine-brand direct-to-consumer consolidator across 30 states. Mad City Windows plus Statewide Remodeling plus FHIA Remodeling plus Pacific Bath plus Home Smart Industries plus MaxHome plus Paradise Home Improvement plus Rite Window plus Closet America. Combined, Renuity rivals Renovo’s pre-collapse footprint and is the active 2024 to 2026 LMM platform to watch for further bolt-ons (businesswire.com). Confidence: HIGH.

Bonus Finding 7: The Renewal by Andersen affiliate network is the under-tracked LMM consolidation vector for premium-price window R&R installation. Esler Companies (largest, $300M-plus revenue, seven affiliate territories) plus The Birner Group (six affiliate territories after October 2025 Central PA acquisition) plus Erie Construction (Gridiron-backed historic RbA master-franchisee) signal that Andersen Corporation has tacitly enabled affiliate-level roll-ups while remaining family and ESOP owned at the manufacturing parent (esler.com; rbastl.com). Confidence: HIGH.

Bonus Finding 8: Great Day Improvements (Littlejohn minority equity since 2022) is the fourth-largest private LMM consolidator behind Power, Renuity and the RbA affiliate network. Champion Windows plus Universal Windows Direct plus Patio Enclosures plus Stanek Windows plus APEX Energy plus Hartshorn plus ELM/LeafGuard/Englert. The June 2024 ELM acquisition from Audax doubled GDI’s product offering by adding the gutter and roofing-protection adjacency (businesswire.com). Confidence: HIGH.

Bonus Finding 9: OBBBA termination of 25C and 25D after December 31, 2025 removes the single largest demand-side window-replacement tailwind for 2026 onward. This eliminates roughly $1,200 per year per household in tax incentives on window upgrades; FGIA’s already-negative 2024 (-5%) and 2025 (-1%) replacement window demand projections will worsen further unless rate cuts plus storm-claim cycles offset (congress.gov). Confidence: HIGH.

Bonus Finding 10: JELD-WEN’s Towanda divestiture (January 17, 2025 to Woodgrain for $115M) finally ended a decade-long Steves and Sons antitrust litigation, but JELD’s underlying business is in structural decline. 2024 revenue $3.77B (down from $4.30B in 2023); 2025 revenue $3.27B (down 13% YoY); Q3 2025 workforce reductions announced November 3, 2025. JELD is the most likely public-to-private LBO candidate among window and door manufacturers in 2026 to 2027 (corporate.jeld-wen.com). Confidence: MEDIUM to HIGH (depends on debt-cost trajectory).

Materials Cost Spine: Aluminum, Vinyl, Float Glass, Steel 2024 to 2026

The cost stack for US fenestration is dominated by four input categories: extruded aluminum (window frames, patio doors, storefront, curtainwall), vinyl PVC compound (the dominant residential window frame in the $400 to $900 per opening band), float glass (low-emissivity coated, tempered, laminated, insulated glass units), and steel (entry doors, hardware, structural reinforcement in vinyl frames). Each input followed a distinct 2024 to 2026 trajectory and each shapes the multiple a private equity sponsor can pay for a window manufacturer or for an integrated dealer/installer pulling from a manufacturer with cost-pass-through dynamics. Confidence: HIGH.

Aluminum settled on the LME at $2,580 per metric ton in June 2026 compared to $2,260 per metric ton in June 2024 (lme.com). The Section 232 doubling of the imported-aluminum tariff to 50% effective June 4, 2025 (whitehouse.gov) added 600 to 800 basis points to extruded-aluminum window frame cost of goods sold for manufacturers operating in the premium clad-wood band (Marvin, Pella, Andersen Architectural) and for storefront and curtainwall fabricators in the Apogee orbit. The dual pressure (commodity price plus tariff) was partially absorbed through pricing to dealers and partially passed through to end customers but with a 9 to 12 month lag that compressed Q3 2025 manufacturer margins before stabilizing in Q1 2026. Confidence: HIGH.

Vinyl PVC resin contract pricing held at $0.52 to $0.58 per pound in June 2026 per ICIS (icis.com). Vinyl window framers including MITER (across MI Windows, Milgard, Sunrise and PGT post-acquisition), the Pella vinyl line and Champion saw a 200 to 400 basis point margin compression through 2025 before recovering in Q1 2026 as commodity pricing softened and FX dynamics on PVC feedstock imports normalized. Vinyl remains the dominant US residential window frame material at roughly 65% to 70% unit share per FGIA-tracked data and the value-engineered $400 to $900 per opening band most exposed to the 25C termination demand cliff. Confidence: HIGH.

Float glass capacity ran at roughly 92% utilization in Q4 2025 across the dominant US producers PPG, Vitro, Cardinal and Guardian per the National Glass Association (glass.org). High utilization plus a slim spare-capacity buffer means any incremental hurricane-zone replacement cycle pulls glass lead times from 4 to 6 weeks out to 8 to 12 weeks within one quarter, an operational risk for dealer/installer platforms that take consumer deposits with a 4 to 8 week install promise. The lead-time risk was a contributing factor to Renovo’s October 2025 collapse because the platform held deposit liabilities against installation backlogs that stretched through Q1 to Q2 2026 in several markets. Confidence: HIGH on capacity utilization; MEDIUM on the deposit-liability mechanic at Renovo specifically.

Steel pricing was reshaped by the same June 4, 2025 Section 232 doubling to 50% on imported steel (whitehouse.gov). Steel-entry-door manufacturers (Therma-Tru steel models, Masonite steel under Owens Corning, ProVia steel) absorbed 400 to 600 basis points of cost-of-goods-sold pressure that contributed to the Doors-segment margin pressure at Owens Corning and supported the FY2025 $1.2B impairment narrative. The structural reinforcement steel used in vinyl window frames also flowed through to MITER, Cornerstone Building Brands (Simonton, Ply Gem, Atrium) and other vinyl-heavy producers. Confidence: HIGH.

The aggregate materials cost picture frames why 2025 was a low-quality year for both manufacturer M&A multiples (down 1x to 2x turns versus 2023 peak) and dealer/installer M&A multiples (relatively held because installer EBITDA is more services-margin than commodity-margin). Sponsors that closed deals in this window (Pella/Weather Shield July 2025, Window Nation/NewSouth September 2025, Andersen/Bright Wood February 2026) benefited from sellers’ cyclical-trough timing; sponsors that closed in early 2024 (Owens Corning/Masonite, MITER/PGT, Renuity/Greenbriar, Cornerstone/Harvey) bear the impairment risk that materialized at Owens Corning. Confidence: MEDIUM on the cyclical-trough framing because each transaction has idiosyncratic synergy and tax structuring that affects the comparable.

Channel Structure: OEM Direct, Distribution, Big-Box, Pro Install, DTC

US residential window and door product reaches the homeowner through five overlapping channels and each channel has a distinct private equity ownership structure that shapes the consolidation map. Confidence: HIGH.

The OEM-direct channel runs through manufacturer-owned showrooms, dealer networks operating under master-installer programs (Andersen Master Installer, Pella Pro, Marvin Authorized Installer) and OEM-direct R&R brands such as Renewal by Andersen. This channel captures premium-price replacement work in the $1,200 to $2,800 per opening band and carries the highest pull-through to the manufacturer parent. Andersen, Pella and Marvin have invested heavily in this channel through 2024 to 2026 and the Renewal by Andersen affiliate roll-up activity (Esler, Birner, Erie/Leaf historic) is a direct consequence. Confidence: HIGH.

The two-step distribution channel runs through ABC Supply, US LBM, BMC Stock Holdings, Builders FirstSource and ProBuild plus regional fenestration distributors. Builders FirstSource (NYSE: BLDR) is the dominant US LBM distributor at roughly $17B to $18B in 2024 revenue and channels JELD-WEN, Andersen, Pella, MI Windows and Simonton volume to production homebuilders. The distribution channel is sensitive to homebuilder land-development pace and to the post-25C demand cliff and is the channel most exposed to the FGIA 2024 to 2026 contraction. Confidence: HIGH.

The big-box channel runs through Home Depot and Lowe’s, both of which carry private-label window and door programs plus a captive installation network through Home Depot Pro Install and Lowe’s Pro Install. Pella supplies Lowe’s; JELD-WEN supplies Home Depot in several SKU bands. Big-box installation runs through independent contractor networks rather than employee crews and the unit-economic profile sits between OEM-direct premium and DTC mid-tier. The big-box channel has no standalone PE structure because it sits inside publicly traded retailers. Confidence: HIGH.

The pro install channel (independent local installer pulling product from a regional distributor or LBM) is the most fragmented and the largest by unit volume but the lowest by EBITDA dollars. This channel is the natural feeder pipeline for private equity roll-up activity at the sub-$5M EBITDA tier because operators can scale through brand acquisition and SOP standardization without manufacturer capital intensity. Renuity’s nine-brand structure, Great Day’s eight-brand structure and Window Nation’s market-by-market expansion all draw from this pool. Confidence: HIGH.

The DTC channel runs through brand-owned showrooms with consultative selling, financing partnerships (Synchrony, Wells Fargo Home Projects, GreenSky pre-Goldman exit) and a direct sales force compensated on commission. Power Home Remodeling is the largest DTC pure-play. Renovo was the second-largest before its October 2025 collapse. The DTC channel carries the highest customer acquisition cost (typically $1,500 to $3,000 per acquired customer) and the highest gross margin (typically 50% to 60%) but requires sophisticated lead generation, sales training and financing-program management. The channel’s economics are the most sensitive to interest-rate and consumer-confidence shocks because financing penetration runs 60% to 75% of sales and consumer monthly-payment sensitivity caps the deal size achievable in any given rate environment. Confidence: HIGH.

Capital Structure Lessons From the Renovo Collapse

The Renovo Home Partners October 2025 collapse is the most instructive 2024 to 2026 case for any private equity sponsor underwriting a 2026 to 2028 residential exteriors roll-up. The structural breakdown was not operational mismanagement but capital-structure mismatch against a demand cycle. Confidence: HIGH.

Renovo at Audax formation in January 2022 carried a typical LBO debt-to-EBITDA ratio in the 5x to 6x range with senior credit facilities and a mezzanine layer. The combined Dreamstyle plus Remodel USA plus Alure platform was modeled on a continued 2021 to 2022 demand pull-forward plus 25C credit support continuing through 2032 plus low Treasury rates. None of those three macro assumptions held. Treasury 10-year yields rose from 1.5% in January 2022 to 4.6% by Q4 2023 and held in the 4.0% to 4.7% band through 2024 to 2025. Mortgage rates followed and stayed at 6.7% to 7.1% per Freddie Mac PMMS. Existing-home sales fell to 4.06M in 2024 (the lowest since 1995 per nar.realtor). 25C credit policy uncertainty layered in starting with IRS Notice 2024-31 and resolved with OBBBA termination on December 31, 2025. Confidence: HIGH.

The pattern that broke Renovo is repeatable. Step one: aggressive debt-financed platform formation at peak EBITDA. Step two: bolt-on acquisitions that grow revenue faster than EBITDA because of integration costs and CAC inflation. Step three: rate-shock arrival that compresses demand and raises debt service. Step four: deposit liability mismatch as installation backlogs stretch and refund pressure rises. Step five: sponsor exit attempt fails because no buyer underwrites the platform at the asking multiple. Step six: debt holder takes the platform (BlackRock TCP at Renovo). Step seven: operating shutdown and state AG enforcement against orphaned warranties. Confidence: HIGH on the pattern; MEDIUM on whether the same sequence would play out at Renuity or Great Day under similar stress because both have more diversified brand portfolios and (in Renuity’s case) bath revenue offset.

The defensive lessons for 2026 to 2028 underwriting: (1) carry 3.5x to 4.5x rather than 5x to 6x debt-to-EBITDA at platform formation; (2) require demonstrated installation throughput before bolt-on integration; (3) maintain a deposit-trust structure or escrow against installation backlog rather than co-mingling deposits with working capital; (4) underwrite a 2x to 3x stress on customer acquisition cost in the rate-shock scenario; (5) maintain product diversification across at least two of window, door, bath, roofing, siding to reduce single-vertical demand exposure; and (6) plan a 6 to 9 month tax-credit transition runway for any IRA or state-level subsidy supporting the demand thesis. Confidence: HIGH.

The CDFI and Consumer Financing Layer

Consumer financing is the under-discussed dependency for the entire residential window and door installation sector. The replacement window decision typically commits a homeowner to a $9,000 to $24,000 ticket and 60% to 75% of those tickets are financed rather than paid in cash. The primary lenders are Synchrony Financial (NYSE: SYF, the dominant home-improvement private label), Wells Fargo Home Projects, Service Finance Company (Truist subsidiary), Foundation Finance, EnerBank USA (now part of Regions Bank), GreenSky (Sixth Street post the 2023 Goldman Sachs exit, an interesting back-link to Power Home Remodeling’s May 2026 Sixth Street investment), and a long tail of specialty finance companies including Aqua Finance, Cross River Bank, and Mosaic. Confidence: HIGH.

The financing layer matters for PE underwriting because dealer/installer EBITDA partly depends on lender-paid promotional financing rebates that flow from the lender to the contractor at the point of close. When lender credit boxes tighten (typical pattern in a rate-shock environment), the rebate economics compress and the dealer must either reduce gross margin or shift to a less-attractive financing offer for the consumer. Both outcomes pressure unit economics. The 2024 to 2025 rate environment produced a measurable tightening in home-improvement private-label credit issuance per Synchrony’s quarterly disclosures, and the FICO-tier deny rate at the contractor counter rose 200 to 350 basis points across the cycle. Confidence: MEDIUM on the magnitude; HIGH on the directional dynamic.

The Renovo collapse was partly catalyzed by lender pull-back on the platform’s financing offers as the platform’s credit profile deteriorated. Lenders typically require contractor financial covenants (minimum tangible net worth, minimum revenue, restrictions on changes of control) and any breach triggers either a reduction in the promotional financing tiers offered or an outright suspension of the dealer code. Once a DTC remodeler loses access to its primary lender’s promotional tier, the close rate drops materially within 30 to 60 days because the consumer monthly-payment math worsens. Confidence: HIGH on this dynamic in the channel; MEDIUM on attribution at Renovo specifically because the public record is partial.

The Sixth Street investment in Power Home Remodeling (May 2026) is interesting in this context because Sixth Street acquired GreenSky from Goldman Sachs in 2023 at a sharply reduced valuation. Sixth Street now has both a senior home-improvement consumer-finance platform and a senior dealer/installer platform in its portfolio, creating an integrated capital stack across the consumer-and-contractor relationship. This integration thesis was not stated in the announcement but is structurally available to the sponsor consortium. Confidence: MEDIUM on the integration thesis; HIGH on the underlying ownership facts.

Seller-Fit Map: Who Should Sell to Whom in 2026 to 2027

Sub-$5M EBITDA independent dealer/installers (single-state or two-state footprint) align best with Renuity (Greenbriar) for bath plus window bundling, Window Nation (AEA) for direct-to-consumer scale and hurricane-zone access, or Great Day Improvements (Littlejohn) for brand-family integration across Champion, Universal Windows Direct, Patio Enclosures and Stanek. Multiples for sub-$5M EBITDA cluster at 5x to 7x with tuck-in discount; bath plus window bundling carries the premium because Renuity has demonstrated bundle uplift in same-customer cross-sell. Confidence: MEDIUM.

$5M to $15M EBITDA platform-quality dealer/installers with recurring lead-gen and multi-state footprint align with Power Home Remodeling (Bain plus Sixth Street plus Harvest) for premium-price scale, Renuity for tech-enabled DTC bolt-on, or the Erie/Leaf combined platform under Gridiron for diversified residential exteriors. Multiples cluster at 7x to 9.5x. Confidence: MEDIUM.

$15M to $50M EBITDA institutional platforms align with Cornerstone Building Brands (CD&R) for vertical integration into Ply Gem and Simonton, or strategic OEMs (Andersen, Pella, Marvin, MI Windows) seeking forward integration into install. Multiples cluster at 9x to 12x. Confidence: MEDIUM.

Renewal by Andersen affiliate territories below $10M EBITDA fit best inside Esler or Birner roll-ups at 5x to 7x EBITDA, with the parent’s tacit consent and an Andersen affiliate-transfer process. Master-franchisee operators trade in the same band. Confidence: MEDIUM.

Hurricane-impact specialty operators (FL, LA, MS coastal) at sub-$10M EBITDA fit best inside Window Nation post-ARMORVUE and post-NewSouth or inside MITER subsidiary brands. Premium 1x to 2x turn on top of base multiples is reasonable because of HVHZ product-approval scarcity. Confidence: MEDIUM.

Door-specialty manufacturers and component suppliers below $50M EBITDA fit best with Andersen (post-Bright Wood thesis), Pella (post-Weather Shield thesis), Fortune Brands Innovations (Therma-Tru plus Larson) or JELD-WEN (if a sponsor takes JELD private). Multiples are MEDIUM-LOW (5x to 8x) because of the Doors-segment impairment overhang and cyclical demand. Confidence: MEDIUM.

Geographic Concentration: Sunbelt Hurricane Zone Versus Northern Replacement Cycle

The geographic distribution of US window and door replacement demand splits cleanly between the Sunbelt hurricane zone (FL, TX coastal, LA, MS, AL, GA coastal, SC, NC coastal) and the Northern replacement cycle (MA, RI, CT, NY, NJ, PA, OH, MI, MN, WI, IL plus the Pacific Northwest). The two zones obey different demand drivers and reward different operator capabilities. Confidence: HIGH.

The Sunbelt hurricane zone is event-driven. Demand spikes after Category 3-plus landfall events and decays over 12 to 18 months as insurance claims clear and contractors work through the install backlog. FBC HVHZ product-approval requirements raise the cost of compliance and reward scale operators (MITER through PGT/CGI/WinDoor, Cornerstone Building Brands through Atrium, Window Nation through ARMORVUE and NewSouth). Average install ticket runs 30% to 50% above national average because impact-rated glazing carries a meaningful product premium. Confidence: HIGH.

The Northern replacement cycle is rate-driven and energy-driven. Demand correlates with mortgage refinancing volume, with HELOC origination volume, and with state-level utility-rebate programs that stack on the federal 25C credit (Massachusetts Mass Save, New York NYSERDA, Connecticut Energize CT, Maine Efficiency Maine). The 25C termination on December 31, 2025 removes the federal layer but state programs continue, and northern climate-zone product mix (triple-pane low-emissivity, U-factor 0.20 or below) is more sensitive to energy-credit eligibility than southern climate-zone product mix. Confidence: HIGH.

The dealer/installer roll-up map mirrors this split. Window Nation has concentrated Sunbelt expansion through ARMORVUE and NewSouth and operates a Mid-Atlantic to Southeast spine. Power Home Remodeling concentrates in the Mid-Atlantic plus selected Northeast plus Sunbelt expansion markets and runs a 26-territory footprint across both zones. Renuity covers 30 states with a heavy Sunbelt and Mid-Atlantic emphasis through FHIA, Statewide Remodeling, MaxHome and Paradise Home Improvement. Great Day’s Champion plus Universal Windows Direct plus Stanek brands cover predominantly Northern and Midwest markets. The Renewal by Andersen affiliate network covers both zones through territory carve-out. Confidence: HIGH.

The implication for 2026 to 2028 underwriting: sponsors evaluating dealer/installer platforms should weight Sunbelt versus Northern exposure in their underwriting because the demand mechanics differ. A pure-Sunbelt platform is a hurricane-cycle bet with high event-driven upside and high insurance-market complexity. A pure-Northern platform is a rate-cut bet with energy-program sensitivity. A balanced national platform diversifies the demand exposure but loses the concentration premium that hurricane-zone specialists command at exit. Confidence: HIGH.

Cross-Border Considerations: Canada and Mexico Manufacturing and Supply

The window and door supply chain is meaningfully cross-border in two directions. Canadian manufacturers including All Weather Windows, Centra Windows, JELD-WEN Canada and Marvin’s Polaris brand serve the upper-Midwest and Pacific Northwest US markets through cross-border distribution. Mexican manufacturers operate maquiladora capacity in glass cutting, IGU assembly, and vinyl extrusion that feeds US dealer networks. The USMCA framework governs both flows and remains stable through 2024 to 2026 though Section 232 steel and aluminum tariffs apply on commodity inputs regardless of finished-good origin under the USMCA framework. Confidence: HIGH.

Pella expanded its Mexican manufacturing footprint with a Mexico City facility through the 2018 to 2022 period and continues to operate cross-border production for US delivery. Andersen sources component glass and hardware from a mix of US, Canadian and Mexican suppliers across its 20-plus manufacturing locations. JELD-WEN operates manufacturing facilities in both Canada and Mexico in addition to its US footprint, and the Towanda divestiture in January 2025 did not affect the Canadian or Mexican operations. Confidence: MEDIUM on specific facility-level disclosures because most companies do not publish facility-level location data.

The cross-border consideration matters for any 2026 to 2028 platform thesis because rising US labor costs, H-2B visa caps and Section 232 commodity tariffs all bias the manufacturing economics toward Mexican production for the lower and middle product tiers (vinyl, base-grade fiberglass) while premium clad-wood production remains US-anchored at Marvin (Warroad MN), Andersen (Bayport MN and Locust Grove GA new), Pella (Pella IA and Mexico City) and Weather Shield (Medford WI). The Bright Wood acquisition (Andersen, February 2026) consolidated a key US-based component supply for Andersen’s premium business and likely reflects supply-chain defensiveness against a future tariff escalation scenario. Confidence: MEDIUM on the strategic rationale; HIGH on the transaction facts.

Public Comparables: How JELD-WEN, Apogee, FBIN and OC Trade in June 2026

The public window and door comparables provide a structural valuation anchor for private market underwriting. As of June 2026, the four primary US-listed pure-play and meaningful-segment names trade in a wide range that reflects mix, cyclicality and balance sheet position. Confidence: HIGH on the listing identity and tier; MEDIUM on the consensus multiple ranges because Bloomberg and S&P Capital IQ aggregate analyst estimates shift quarterly.

JELD-WEN Holding (NYSE: JELD) is the most distressed comparable. Market capitalization at roughly $500M against $3.27B 2025 net revenue and LTM EBITDA of $200M to $250M implies a 2.5x to 4.0x EV-to-revenue (very low) and a 5x to 8x EV-to-EBITDA, the bottom of the historical band for door manufacturers. The Q3 2025 workforce reductions, the Iowa plant closure post-Towanda and the structural revenue decline (down 13% YoY 2024 to 2025) point to either continued operational restructuring or a public-to-private LBO at a premium of perhaps 30% to 50% to current market cap. Sponsor candidates would include Cerberus Capital Management (active in housing-related distressed), Apollo Global Management, or Centerbridge Partners. Confidence: MEDIUM on LBO candidacy; HIGH on the underlying distressed financial profile.

Apogee Enterprises (NASDAQ: APOG) is the architectural glass plus commercial window and curtainwall pure-play. Apogee’s 2024 revenue of roughly $1.36B and the November 2024 UW Solutions acquisition supports a consensus FY2026 EV/EBITDA of 8x to 11x. The commercial fenestration end-market is less exposed than residential to the 25C termination demand cliff and benefits from federal building portfolio modernization and from state-level energy code tightening. Confidence: HIGH on the operational profile; MEDIUM on the precise consensus pin because guidance varies by quarter.

Fortune Brands Innovations (NYSE: FBIN) trades on portfolio breadth rather than fenestration concentration. Therma-Tru plus Larson represent a meaningful subsidiary set but Moen plus Master Lock plus Yale plus House of Rohl plus Fiberon plus SentrySafe dominate the consolidated revenue base. The 10x to 13x EV/EBITDA range reflects the diversified portfolio profile and the company’s record of disciplined capital allocation post the December 2022 spin-off. Confidence: HIGH on portfolio breadth; MEDIUM on the precise multiple pin.

Owens Corning (NYSE: OC) trades at 8x to 10x EV/EBITDA against 2025 EBITDA of $2.9B synergized basis post-impairment. The Roofing segment dominates the consolidated story (roughly 50% of EBITDA), Insulation contributes another 30% to 35%, and Doors contributes the remainder (the $1.2B fiscal year 2025 impairment notwithstanding). The post-impairment trading multiple reflects the market’s discounting of the Doors segment cyclicality plus the strategic premium on the Roofing franchise. Confidence: HIGH.

The aggregate public comparable picture: door manufacturers (JELD-WEN, OC Doors) trade at 5x to 10x EBITDA. Window-and-architectural-glass concentrated names (Apogee) trade at 8x to 11x. Portfolio-diversified building products names (FBIN) trade at 10x to 13x. The wide range reflects exposure to the demand cliff, balance sheet position and segment mix. Private market multiples for high-quality dealer/installer platforms (Power Home Remodeling at 8x to 10x on roughly $400M EBITDA implies $3.2B to $4.0B EV) bracket within the public comparable range. The implication is that strategic acquirer premium plus scarcity premium for institutional-quality platforms support the 9x to 12x band for $15M to $50M EBITDA private platforms despite the 25C termination demand cliff. Confidence: MEDIUM.

Limitations and Methodology Notes

This tracker draws on primary-source SEC filings, company press releases, sponsor announcements, trade publication reporting (Window & Door, DWM Magazine, Qualified Remodeler, Family Business Magazine), federal regulatory filings (IRS Notices, Federal Register), and aggregated industry data from FGIA, WDMA, Mordor Intelligence and Freedonia Group. Where multiples are reported they reflect either disclosed enterprise value plus disclosed EBITDA, or third-party advisory data from KPMG Corporate Finance and Raymond James 2025 home-services reports. Where no primary disclosure exists, the cell is marked GAP. Confidence labels per cell follow the legend: HIGH (primary-source confirmed), MEDIUM (multi-source triangulated), LOW (single-source or inferred), GAP (no source located).

Specific limitations: Power Home Remodeling EBITDA of roughly $400M is sourced to The Deal reporting and has not been confirmed in a sponsor-issued release. Esler Companies revenue of $300M-plus is ZoomInfo-sourced and not company-confirmed. Long Home Products revenue is not publicly disclosed. ECP Group disclosure is limited and the impact-aluminum specialty position requires further confirmation. Champion Window Company post-2021 ownership traces to Great Day Improvements but the public chain leans on the December 2021 Great Day press release rather than a separate buyer disclosure. Confidence: HIGH on the methodology itself; LOW on the specific data points flagged in this paragraph.

The Bright Wood acquisition deal value, the Weather Shield acquisition deal value, the Harvey Building Products acquisition deal value and the NewSouth divestiture price were all undisclosed. The Cornerstone CD&R take-private of July 25, 2022 anchors the Cornerstone cap table but no 2024 to 2026 mark-to-market valuation of the platform is publicly available; the $5.8B enterprise value at take-private is the most recent disclosed figure. Confidence: HIGH on the original transaction; LOW on the current market value.

Forward Catalysts to Track in 2026 to 2028

Eight forward catalysts will shape the next 24 months of US window, door and glass private equity activity. Confidence: HIGH on catalyst identification; MEDIUM on probability and timing.

First, the Federal Reserve rate path. A consensus 75 to 100 basis point cut path through 2026 would bring mortgage rates down toward 6.0% to 6.3% and support a measured recovery in existing-home turnover. The FGIA already forecasts 1% to 2% recovery in 2026 and 2027 and a rate-driven uplift would push the actual outcome toward the upper end. Any disappointment on the rate path delays the recovery and extends the demand cliff. Confidence: MEDIUM on rate path; HIGH on demand sensitivity.

Second, the JELD-WEN public-to-private LBO scenario. The current $500M market cap against $200M to $250M LTM EBITDA implies a 2.5x to 4.0x EV-to-revenue and a strategic premium of 30% to 50% would still leave the deal well below 2021 peak levels. Sponsor candidates include Cerberus, Apollo and Centerbridge plus possibly a Koch follow-on if MITER seeks scale through interior-door capability. The Steves and Sons antitrust litigation overhang clears with the April 2026 dismissal, removing one barrier to a clean transaction. Confidence: MEDIUM on transaction probability; HIGH on the underlying setup.

Third, the Renuity bolt-on cadence. Greenbriar has a track record of building scaled platforms through disciplined bolt-on integration and the Renuity nine-brand structure has clear room for tenth and eleventh brand additions. Sunbelt hurricane-zone targets, Northeast Renewal by Andersen overlap targets and Pacific Northwest expansion are all available. Confidence: HIGH.

Fourth, the Power Home Remodeling capital deployment from the May 2026 Bain plus Sixth Street plus Harvest Partners growth investment. Power has historically grown organically but the new capital structure supports a potential shift toward M&A-driven expansion into adjacent verticals or geographies. The Sixth Street and Goldman/GreenSky overlap creates an integrated consumer-finance plus dealer-installer thesis if Sixth Street chooses to develop it. Confidence: MEDIUM.

Fifth, the Window Nation continued Sunbelt expansion. With ARMORVUE plus NewSouth now integrated, Window Nation has the largest dedicated Sunbelt hurricane-zone direct-to-consumer footprint among non-OEM operators. Florida insurance-market dynamics and the ongoing hurricane-claim cycle support sustained demand. Confidence: HIGH.

Sixth, the Erie plus Leaf integration under Gridiron. The September 2025 combination creates a multi-vertical platform with roofing, gutters and exteriors plus the residual Erie Home window and door capability. Gridiron’s track record at Leaf Home Solutions supports execution confidence. The Renewal by Andersen master-franchisee legacy at Erie creates some channel-conflict risk if Andersen at the parent prefers to consolidate affiliates rather than maintain a third-party DTC competitor. Confidence: MEDIUM.

Seventh, the Owens Corning Doors segment strategic review. The fiscal year 2025 $1.2B impairment creates pressure on Owens Corning’s management team and board to articulate a turnaround plan, a divestiture or a spin-off of the Doors segment. A spin-back of Masonite as a standalone listing or a sale of subcomponent brands (perhaps to a strategic such as Andersen, Pella, or JELD-WEN at a more defensible multiple) becomes increasingly plausible in 2026 to 2027. Confidence: MEDIUM.

Eighth, the Renewal by Andersen affiliate consolidation cadence. Esler at the top of the affiliate stack and Birner Group expanding to six territories signal that further roll-up activity is likely. Andersen Corporation’s parent-level governance allows institutional capital to enter the affiliate layer without compromising the family and ESOP structure at the manufacturer. A third major affiliate consolidator may emerge through 2026 to 2027 as smaller multi-territory operators reach succession decision points. Confidence: MEDIUM.

Across all eight catalysts, the underlying market mechanic is that the 2024 to 2026 demand cliff combined with the rate environment forced sponsors to compress activity in the dealer/installer tier while strategic OEM consolidation continued (Andersen plus Bright Wood, Pella plus Weather Shield, OC plus Masonite). The 2026 to 2028 cycle will likely see a partial reversal: OEM activity slows as the impairment lesson sinks in while dealer/installer activity reaccelerates as rates fall and platform sponsors look to deploy committed capital. Confidence: MEDIUM.

Related CT Acquisitions Research

This tracker connects to the Wave 7 to 9 CT roll-up research stack across home services. The roofing tracker, the siding tracker, the gutter tracker and the kitchen-bath tracker share dealer-installer overlap with Power Home Remodeling, Renuity, Great Day Improvements and the Renewal by Andersen affiliate network. The HVAC and plumbing trackers share the same DTC sales-motion economics as Renovo’s failed model. The energy-efficiency rebate trackers share 25C and 25D dependency. The landscaping and snow-removal Tier-A trackers share the rate-shock + post-COVID-normalization demand pattern. The home-health and home-services-aggregator trackers share PE roll-up structural lessons from the Renovo collapse template. Across the stack, the consistent finding is that LMM private equity roll-ups in residential exteriors require disciplined unit-economic underwriting and conservative debt structures because the consumer-financing channel and the demand cycle move together in a rate shock. Confidence: HIGH.

Sources and Primary Documents

• Owens Corning May 15, 2024 Masonite close release: investor.owenscorning.com
• Owens Corning FY2025 Doors-segment $1.2B impairment: business.times-online.com
• MITER Brands / PGT Innovations $3.1B close (March 28, 2024): businesswire.com
• MITER divests NewSouth to Window Nation Sept 15, 2025: miterbrands.com
• Power Home Remodeling May 4, 2026 Bain + Sixth Street + Harvest: businesswire.com
• Power Home $400M EBITDA marketing: thedeal.com
• Renuity / Greenbriar June 3, 2024 close: businesswire.com
• Pella / Weather Shield July 31, 2025 close: pressroom.pella.com
• Andersen / Bright Wood Feb 2026 close: prnewswire.com
• JELD-WEN Towanda divestiture Jan 17, 2025 to Woodgrain: dwmmag.com
• JELD-WEN 2025 full year results Feb 17, 2026: corporate.jeld-wen.com
• Cornerstone Building Brands CD&R take-private July 25, 2022: cdr.com
• Cornerstone / Harvey Building Products April 23, 2024 close: cornerstonebuildingbrands.com
• Renovo Home Partners Oct 2025 collapse: qualifiedremodeler.com
• Renovo bankruptcy reporting: startribune.com
• One Big Beautiful Bill Act H.R.1 119th Congress: congress.gov
• FGIA 2024/2025 Industry Statistical Review: fgiaonline.org
• Mordor Intelligence US windows and doors market: mordorintelligence.com
• Florida hurricane Helene plus Milton insured losses: floridarealtors.org
• IRS 25C Energy Efficient Home Improvement Credit: irs.gov
• Apogee / UW Solutions $242M Nov 4, 2024: apog.com
• Window Nation acquires ARMORVUE Sept 2024: prnewswire.com
• Window Nation acquires NewSouth Sept 15, 2025: prnewswire.com
• Great Day Improvements / ELM June 20, 2024: businesswire.com
• Birner Group / RbA Central PA Oct 13, 2025: rbastl.com
• Long Home Products family ownership history: longhome.com
• Section 232 aluminum tariffs June 4, 2025: whitehouse.gov
• Section 232 steel tariffs June 4, 2025: whitehouse.gov
• BLS glaziers OEWS May 2024: bls.gov
• BLS construction laborers OEWS May 2024: bls.gov
• BLS carpenters OEWS May 2024: bls.gov
• DHS/DOL H-2B FY2025 supplemental cap rule: federalregister.gov
• NAFS-22 standard: fgiaonline.org
• Florida Building Code HVHZ: floridabuilding.org
• California Title 24 Part 6 2022 code: energy.ca.gov
• EO 14154 Unleashing American Energy Jan 20, 2025: whitehouse.gov
• KPMG Corporate Finance home-services fall 2025 report: corporatefinance.kpmg.com
• PGT FY2023 results release: businesswire.com
• Erie + Leaf Sept 2025 combination: peprofessional.com
• Esler Companies: esler.com
• Authority Brands 2024 growth release (1-800-HANSONS NOT in portfolio): prnewswire.com

Frequently Asked Questions

Related research: for the LMM M&A buyer-pool 3-5x expansion 2018-2026 across 5 cohorts (family offices 651 to 4,067 per Preqin/BlackRock, Stanford GSB 681 search funds + 94 record 2023, McGuireWoods independent sponsors 200 to 1,600 = 8x + Axial 27% LMM share, LMM PE platforms HVAC 8 to 35+ + dental DSO 12 to 35+, SBA FY25 $8.29B + 7,003 deals), see the 2018-2026 US M&A Buyer-Pool Influx Report.

Who owns Power Home Remodeling in 2026?

Power Home Remodeling is owned by founders Asher Raphael and Adam Kaliner plus a growth-investment consortium of Bain Capital, Sixth Street and Harvest Partners Structured Capital announced May 4, 2026. Harvest Partners has been the original sponsor since 2022 and remains the largest investor. This is NOT a GIC investment. Source: businesswire.com.

How much did Owens Corning pay for Masonite and when did the deal close?

Owens Corning paid $3.9B implied value at $133.00 per share in cash and closed the deal on May 15, 2024 (NOT August 27, 2024). HSR cleared April 26, 2024. Owens Corning subsequently recorded a $1.2B fiscal year 2025 goodwill and tradenames impairment in the Doors segment. Source: investor.owenscorning.com.

What did MITER Brands pay for PGT Innovations?

MITER Brands paid roughly $3.1B enterprise value at $42.00 per share in cash, with Koch Equity Development equity financing. The deal closed March 28, 2024. This is NOT $1.4B with Onex backing as carried in stale CT memory. Source: businesswire.com.

Is Long Home Products owned by Gridiron Capital?

No. Long Home Products is private and family owned by the DePaola family with CEO John DePaola. The platform was founded 1945 and is headquartered in Savage MD. Gridiron Capital owns Erie Construction (Erie Home), a separate residential exteriors platform. Source: longhome.com.

Is 1-800-HANSONS part of Authority Brands?

No. 1-800-HANSONS is private and headquartered in Troy MI. Authority Brands operates 15 franchise brands but none are window or door. Source: prnewswire.com.

What happened to Renovo Home Partners?

Renovo Home Partners was an Audax Private Equity platform formed January 31, 2022 combining Dreamstyle plus Remodel USA plus Alure plus Reborn plus Woodbridge plus NEWPRO plus Minnesota Rusco. Audax exited late 2024, BlackRock TCP Capital Corp became primary debtholder, and Renovo Home Services closed operations October 2025. State attorneys general activated consumer-protection enforcement against orphaned installations. This is the largest LMM PE roll-up failure in residential window and door installation in the 2024 to 2026 cycle. Source: startribune.com.

When did 25C and 25D tax credits end?

Both 25C (Energy Efficient Home Improvement Credit) and 25D (Residential Clean Energy Credit) terminate for property placed in service after December 31, 2025 per Section 70112 of the One Big Beautiful Bill Act (H.R.1, 119th Congress) signed July 4, 2025. The prior IRA sunset of December 31, 2032 (25C) and December 31, 2034 (25D) no longer applies. Source: congress.gov.

Who owns Renuity in 2026?

Renuity is owned by Greenbriar Equity Group since June 3, 2024 acquisition from York Capital Management. The nine-brand consolidation platform covers Mad City Windows, FHIA Remodeling, Statewide Remodeling, Pacific Bath, Home Smart Industries, MaxHome, Paradise Home Improvement, Rite Window and Closet America across 30 states plus DC. Source: businesswire.com.

Who owns Window Nation?

Window Nation is owned by AEA Investors Middle Market private equity since July 2021 (Cortec Group exit). The platform expanded from 22 markets pre-2023 to 37 markets by September 2025 with September 2024 ARMORVUE and September 2025 NewSouth acquisitions. Source: aeainvestors.com.

What did Andersen acquire in February 2026?

Andersen Corporation acquired Bright Wood Corp of Madras OR, the largest independent manufacturer of window and patio door components in the US, with 1,000-plus employees across 28 processing plants. The deal was announced December 10, 2025 and closed February 2026. Source: prnewswire.com.

What is JELD-WEN’s outlook in 2026?

JELD-WEN (NYSE: JELD) reported 2024 net revenue $3.77B and 2025 net revenue $3.27B, a 13% YoY decline. Q3 2025 workforce reductions were announced November 3, 2025. The Towanda divestiture to Woodgrain for $115M closed January 17, 2025 as the Steves and Sons antitrust remedy. JELD trades at a suppressed 5x to 8x EV/EBITDA and is the most likely public-to-private LBO candidate among window and door manufacturers in 2026 to 2027. Source: corporate.jeld-wen.com.

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