Another merger has hit the building trade with this $1.335 billion acquisition creating a new powerhouse in the residential roofing sector.
Gibraltar paid just over $1.3 billion for OmniMax International, which had been owned by Strategic Value Partners and its affiliates. OmniMax operates 16 manufacturing facilities around the country and is projected to have adjusted net sales of $565 million this year.
Bill Bosway, chairman and CEO of Gibraltar, in announcing the deal, saw it as a great fit for both companies. “The acquisition of OmniMax, and its highly complementary brands, product portfolio and footprint with localized expertise, accelerates our strategy to expand in residential building products while enhancing customer experience.
“In getting to know the OmniMax team, it’s clear we both share a commitment to high-quality responsive service, and we look forward to welcoming them to the team. Together, we will deliver greater value for our customers and Gibraltar’s shareholders as we leverage business processes and systems to accelerate growth, generate strong cash performance, and continue to be a leader in the industry.”
John Krause, CEO of OmniMax, said his company “has built a strong and growing portfolio of trusted brands founded on an exceptional team, a broad product offering and the delivery of outstanding customer service. We’re proud of the progress we’ve made, from building deeper operational excellence around established names in the roofing industry to bringing new rainware and accessory brands into the OmniMax family.
“We see this next step as an opportunity to continue strengthening the value we deliver to customers together with Gibraltar. We look forward to working with the Gibraltar team to complete the transaction and build a strong future together.”
Image: Gibraltar
