Foundation Building Materials, Inc. Expands Footprint in the Great Plains with the Acquisition of Agan Drywall Supply, Inc. and Affiliates
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 Agan Drywall Supply, Inc., Agan Drywall Supply Rapid City, Inc., and Agan Tri-State Drywall Supply, Inc. (collectively, “Agan”). Agan is a leading independent distributor of drywall, steel framing, Sto coatings and EIFS, stucco, stone veneers, insulation and complementary products. Agan has a 43-year track record of success and operates three branches in Sioux Falls and Rapid City, South Dakota, and Sioux City, Iowa. Terms of the transaction were not disclosed.
“With the closing of this transaction, FBM will now be able to offer our full complement of products in three markets in the Great Plains States,” said Ruben Mendoza, FBM’s Chief Executive Officer. “Agan has a strong and successful history, largely created by the talent of their management and employees and long-standing customer relationships. Senior management from the acquired companies will continue with FBM and be leaders in the region.”
The Company expects Agan’s performance to be consistent with prior years, contributing an estimated $5.0-$7.0 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 3,000 people and operates more than 220 branches across the U.S. and Canada.
John Moten – VP Investor Relations – email@example.com – (657) 900-3213
Source: Foundation Building Materials, Inc.