Caxton-Iseman Capital to Acquire Ply Gem Industries from Nortek in Transaction Valued at $570 Million.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 22, 2003

Caxton-Iseman Capital, Inc., a New York-based private equity firm, today announced the signing of a definitive agreement under which investment vehicles associated with Caxton-Iseman will acquire Ply Gem Industries, Inc., the vinyl building products segment of Nortek, Inc., including its windows and siding businesses, in a transaction valued at approximately $570 million.

Headquartered in Kearney, Missouri, Ply Gem manufactures and distributes a range of products for use in the residential new construction, do-it-yourself and professional renovation markets. Principal products include vinyl siding, windows, patio doors, fencing, railing, decking and accessories marketed under the Variform, Great Lakes, Napco, Kroy and CWD brand names. Ply Gem's 2002 net sales were approximately $509 million and the business has approximately 2,600 employees.

President and Chief Executive Officer Lee D. Meyer and Ply Gem's senior management team will continue to lead the Company under Caxton-Iseman's ownership. Members of the senior management team will collectively own more than 15% of the common stock of Ply Gem following completion of the transaction. Frederick J. Iseman, Managing Partner of Caxton-Iseman, will become Chairman of Ply Gem.

Robert A. Ferris, a Managing Director of Caxton-Iseman, said: "Ply Gem represents to us an extremely attractive investment opportunity in an industry sector with significant growth potential. Under the capable leadership of Lee Meyer and his management team, Ply Gem has developed strong brands and market positions in its product areas and has posted strong financial and operational results. Equally important, we are very impressed with Ply Gem's corporate culture and the commitment of its people to excellence in every aspect of the business. With Ply Gem's solid foundation, we will be able to pursue an aggressive strategic growth plan and broaden and enhance the Company's product portfolio. We are very pleased to join with management and the entire Ply Gem team to continue the development of this outstanding company."

A commitment for debt financing for the transaction has been received from UBS Loan Finance LLC. The debt-finance commitment and completion of the transaction, which is expected to occur during the first quarter of 2004, are subject to customary closing conditions.

About Caxton-Iseman Capital

Caxton-Iseman Capital, Inc. is a New York-based private equity firm. Its portfolio companies include Anteon International Corporation (NYSE: ANT), an information technology provider to the Federal government with revenues of approximately $1 billion, and Buffets Inc., the leading owner and operator of buffet-style restaurants with revenues of approximately $1 billion. Caxton-Iseman's investment vehicles have available capital in excess of $2 billion.