After reporting a first quarter loss, this building products company looks ready for a double-digit turnaround.
Ply Gem Holdings (PGEM)
from The Turnaround Letter
Ply Gem Holdings (PGEM) was formed in 2004 in a leveraged buyout of the window, door and siding division of Nortek. Having gotten back on its feet after barely surviving the housing crisis, the company went public in May 2013 at a price of 21.
The business has stumbled a couple of times since then, but it now appears ready to take advantage of a rebound in homebuilding and remodeling. Ply Gem’s original private equity investor, CI Capital Partners, has been very patient with the company, but if the business doesn’t pick up soon, we suspect they’ll take steps to enhance shareholder value.
George Putnam III, The Turnaround Letter, www.turnaroundletter.com, 617-573-9550, June 2015