Transaction to Significantly Expand GMS’s
Presence in the Greater New York City Area
GMS Inc. (NYSE: GMS), a leading North American specialty
building products distributor, today announced that it has entered
into an agreement to acquire Kamco Supply Corporation and
affiliates (“Kamco” or the “Company”). The transaction is expected
to close during the fourth quarter of fiscal 2024 for GMS, which
ends on April 30, 2024.
Founded in 1939 by the Swerdlick family, and headquartered in
Brooklyn, New York, Kamco is a leading supplier of ceilings,
wallboard, steel, lumber, and other related construction products.
The Company operates five distribution facilities in the Greater
New York City area and services the New York metro and tri-state
area. For the 12 months ended June 30, 2023, Kamco recorded
revenues of approximately $245 million.
John C. Turner, Jr., President, and Chief Executive Officer of
GMS, said, “Kamco is a long-established leader in the building
materials industry with an experienced and successful team. They
are known for exceptional service and have outstanding customer
relationships and an impressive suite of products from numerous
leading brands, including Armstrong, CertainTeed, National Gypsum,
USG, Owens Corning and others. This acquisition represents a unique
opportunity to advance GMS’s strategic priorities, including
expanding share in our core product categories and continuing to
develop our presence in the New York metropolitan market, the
largest remaining MSA where we do not have a significant presence.
We look forward to continuing Kamco’s impressive legacy of
excellence that Allen Swerdlick and his team have built and grown
over the last eight decades. We expect the addition of this
business to GMS to provide enhanced customer service capability,
significant cross-selling opportunities, a strengthened value
proposition and a broader suite of top tier-product offerings in
the largest metropolitan area in the United States.”
Scott Little, President of Kamco said, “We share GMS’s vision of
building long-term relationships and providing best-in-class
customer service to our customers. As such, we believe that
partnering with an industry leader whose values are well aligned
with our own presents excellent opportunities for our employees and
customers alike, and we look forward to driving continued success
as part of GMS.”
Transaction Details, Leadership and Closing
GMS expects to fund this transaction with cash on hand and
borrowings under the Company’s established revolving credit
facility.
Following the close of the transaction, Kamco’s current
President, Mr. Little and its senior leadership team, will continue
to lead the business and the Company will continue to operate under
the “Kamco” brand as it has for over 80 years.
GMS expects to capitalize on cross-selling opportunities with
Kamco and GMS’s other operations in the region, including the
recently acquired Tanner Bolt and Nut, Inc. business. Expanded
Wallboard distribution and Complementary Products expansion present
compelling opportunities for the company to better capitalize on
potential growth in the market and provide an even higher level of
service to customers.
The transaction is expected to close in the fourth quarter of
GMS’s fiscal year 2024, subject to the satisfaction of customary
closing conditions, including HSR approval. At such time,
additional information will be made available concerning the
transaction.
About GMS
Founded in 1971, GMS operates a network of over 300 distribution
centers with extensive product offerings of Wallboard, Ceilings,
Steel Framing and Complementary Products. In addition, GMS operates
more than 100 tool sales, rental and service centers, providing a
comprehensive selection of building products and solutions for its
residential and commercial contractor customer base across the
United States and Canada. The Company’s unique operating model
combines the benefits of a national platform and strategy with a
local go-to-market focus, enabling GMS to generate significant
economies of scale while maintaining high levels of customer
service.
For more information about GMS, please visit www.gms.com.
Forward-Looking Statements and Information –
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. You can generally identify forward-looking statements by our
use of forward-looking terminology such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may,"
"might," "plan," "potential," "predict," "seek," or "should," or
the negative thereof or other variations thereon or comparable
terminology. We have based these forward-looking statements on our
current expectations, assumptions, estimates and projections. While
we believe these expectations, assumptions, estimates, and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control. The following
important factors could cause the future results, to differ: the
company’s growth strategy, changes in economic or industry
conditions, competition, inflation and deflation, input costs,
timing and integration of acquisitions, timing and implementation
of price increases for the Company’s products, consumer markets,
and other factors identified our filings with the SEC. We undertake
no obligation to update any of the forward-looking statements made
herein, whether as a result of new information, future events,
changes in expectation or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221872841/en/
Carey Phelps Vice President, Investor Relations Phone:
770-723-3369 Email: ir@gms.com
Grafico Azioni GMS (NYSE:GMS)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni GMS (NYSE:GMS)
Storico
Da Gen 2024 a Gen 2025
