Foundation Building Materials, Inc. Acquires Ciesco, Inc. and Commercial Specialty Supply, LLC
Company Press Release
Foundation Building Materials, Inc. (“FBM” or the “Company”), one of the largest specialty distributors of wallboard, suspended ceiling systems and mechanical insulation in North America, announced that it has acquired Ciesco, Inc. and Commercial Specialty Supply LLC (collectively, “Ciesco”). Ciesco is a leading independent distributor of drywall, steel framing, ceiling products, insulation and complementary products. Ciesco has a 31-year track record of success and operates six branches servicing Central and Eastern Pennsylvania, Maryland, Delaware, Southern New Jersey, Washington, D.C. and Northern Virginia. Terms of the transaction were not disclosed.
“We are excited Ciesco will be joining the FBM network. This transaction will significantly expand our drywall, metal framing and complementary products offerings to customers in the region, and build a deeper market presence in the Northeast and Mid-Atlantic markets,” said Ruben Mendoza, FBM’s Chief Executive Officer.
The Company expects Ciesco’s performance to be consistent with prior years and is expected to contribute $24.0 million to $27.0 million to net sales for the remainder of 2018. This transaction is expected to be immediately accretive to the Company with financial benefits driven by increased scale and expected cost savings.
About Foundation Building Materials
Foundation Building Materials is a specialty distributor of wallboard, suspended ceiling systems, and mechanical insulation throughout North America. Based in Tustin, California, the Company employs more than 3,700 people and operates more than 220 branches across the U.S. and Canada.
John Moten – VP Investor Relations – firstname.lastname@example.org – (657) 900-3213
Source: Foundation Building Materials, Inc.