Tecnoglass Purchases U.S. GlazierMarch 8th, 2017 | Category: Industry News
Glass and glazing manufacturer Tecnoglass Inc. acquired Florida-based Giovanni Monti and Partners Consulting and Glazing Contractors Inc. (GM&P), a commercial consulting, glazing and engineering company. The transaction totaled $35 million.
“The GM&P team has been a strong partner to Tecnoglass over the past five years, making this acquisition a logical next step in our ongoing efforts to strengthen our position in the United States,” says Tecnoglass CEO José M. Daes. “This accretive addition fits well with our existing strategy as it augments our vertically integrated operations, enhances our distribution capabilities, and provides us with a unique opportunity to directly install value-add products in select projects. We look forward to integrating these operations into our platform, which we expect to add additional value for our shareholders.”
In 2016, GM&P had revenue of approximately $137 million. According to a release from Tecnoglass, “after giving effect to the elimination of inter-company revenues with Tecnoglass, [this] would have contributed approximately $50 million of net revenue to the company on a pro forma consolidated basis for that period.”