PGT Innovations, Inc. has moved into the garage door business with its acquisition of a Utah manufacturer.

Venice-based PGT, which manufactures impact-resistant windows and doors, said this week that it has acquired Martin Door Holdings, Inc., of Salt Lake City, for $185 million. PGT entered into a new, five-year, $250 million revolving credit facility to fund the transaction, extend maturities and create liquidity; cash was also used in the purchase.

The acquisition of Martin, an 85-year-old custom manufacturer of premium overhead garage doors and hardware for the commercial and residential markets, will expand PGT's product portfolio and strengthen its presence in the western U.S., according to the company.

More in North Venice: New 'Together We Shine' Tervis tumbler to support Florida Disaster Fund

Martin will become the flagship garage doors brand for PGT. Its 173 team members will stay on through the acquisition, and CEO Scott Huntsman will become president of Martin Doors.

PGT president and CEO Jeff Jackson said that Martin's focus on quality, safety and innovation within its industry made it the perfect fit.

"As we looked to expand beyond our existing window and door market, we wanted to ensure we could leverage our team's extensive knowledge in the area of protecting the envelope of homes and buildings," Jackson said. "The garage door entry market aligns extremely well with that strategy."

Martin's balance sheet was also strong, according to PGT. Demand for its products, as well as its cost structure, allowed Martin to see margins in excess of 30% in earnings before interest, taxes, depreciation and amortization with a strong cash flow conversion. The company is expected to generate sales of about $60 million in 2022.

Other PGT brands in the western U.S. region include Western Window Systems and Anlin Windows & Doors.

Support local journalism with a digital subscription to the Herald Tribune.

This article originally appeared on Sarasota Herald-Tribune: PGT Innovations moves into garage door market with acquisition