| Small & Micro cap project
PGT Innovations, Inc. (PGTI): Market leader; Significant percentage in Broad bay Capital and Spitfire Capital’s portfolio

M.Cap: $1.07 billion
The company is a manufacturer and supplier of residential impact-resistant windows and doors. WinGuard is an impact-resistant product line that combines heavy-duty aluminum or vinyl frames with laminated glass to provide protection from hurricane-force winds and wind-borne debris. WinGuard, its flagship product, also protects against outside noise, break-ins, UV rays and high energy bills.
Broad Bay Capital Management
- The top ten stocks account for 82% of the total portfolio.
- PGT accounts for 8% of the total portfolio – Rank #6
Spitfire Capital
- Highly concentrated fund – owns only fifteen stocks
- PGT accounts for 4.8% of the total portfolio – Rank #12
Sign of Moat
(a) Brand
PGT WinGuard® is synonymous with impact-resistant windows and doors.
(b) Market leader in Florida
PGT has the #1 position in the market for impact-resistant windows and doors in Florida. According to published data, the company enjoys over 50% of the market share in Florida. More than 80% of total sales are generated in Florida. There are some areas in Florida where building codes require impact resistance. According to a 2014 report by Karen Clark & Company, four of the top eight US cities that are most vulnerable to major storms are located in Florida.
(c) Proven track record
Over three million WinGuard® units have been installed, with zero reported impact failures. It is difficult for a new entrant to create this track record.
(d) Growth: Since 2014, the company’s vinyl WinGuard products have grown at a compound annual rate of nearly 35%.
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