Overhead Door Completes Wayne-Dalton Acquisition
Overhead Door Corp. completed its acquisition of Wayne-Dalton’s residential and commercial door business, as well as its Fabric-Shield storm panel business yesterday. The transaction, announced in September, creates the largest manufacturer, marketer, and distributor of residential and commercial overhead doors and operators in the North American market, with fiscal year 2008 revenues of nearly $1 billion.
“As we reviewed our options for long-term growth and enhancing our position within the residential and commercial door businesses, we could not identify a better partner than Wayne-Dalton,” says Dennis Stone, president and CEO of Overhead Door.
The combined company will maintain both the Overhead Door and Wayne-Dalton brand identities, product lines and distribution channels, but will capitalize on its efficient, strategically located production facilities and distribution networks covering all 50 U.S. states, Canada, Mexico and Europe, officials note. This will further enhance service to all customers, including national builders, major retailers, architects, general contractors, homeowners, property owners, and the distributors and dealers of the Overhead Door, Wayne-Dalton and Genie branded products.
“Wayne Dalton and Overhead Door Corp. will combine their long-standing reputations for product and industry leadership to strengthen the door industry, and more importantly ensure a focus on product innovation that will generate better and more feature-rich products for the marketplace. This is the greatest source of continued stability and prosperity for our combined companies, customers, and suppliers,” Stone adds.
“Overhead Door approached this acquisition with a strong business model and solid balance sheet, built on effective cost and asset management practices,” reports Paul Lehmann, VP and CFO. “This combination not only strengthens the market position of the company, it enhances the financial strength of Overhead Door. Synergies inherent in the prospective integration of the business operations will improve the company’s ability to withstand the current and future downturns in the construction industry while continuing to make further investments that will benefit its customers and owners.”