Foundation Building Materials (FBM), the $1.4 billion distributor of wallboard, ceiling systems, and mechanical insulation that went public in February, announced today it has acquired nearly all the assets of American Wal-Board, a Memphis-area dealer with one branch in Tennessee and one in Mississippi.
Founded in 1995, American Wal-Board sells drywall, steel framing, insulation, roofing and fireplace products, Tustin, Calif.-based FBM said in a news release. FBM expects American Wal-Board to ring up between $5 million and $7 million in sales between July and December
“By adding American Wal-Board, we gain entry into a new market in Mississippi and expand our footprint in Tennessee,” FBM Chief Executive Officer Ruben Mendoza said in a statement.
FBM describes itself as the nation’s No. 2 dealer in wallboard and suspended ceiling units. It made its initial public offering in February, citing sales that would put it into the ProSales 100’s top 10. Three months later, the company reported it swung to a $3.9 million net profit in the first quarter from a $1.3 million net loss in the year-earlier period. Revenue for the acquisition-busy specialty dealer shot up 96% in the quarter to reach $479.5 million.
On July 5, the company announced it had acquired Virginia Builders’ Supply and Ceiling and Wall Supply. Virginia Builders’ Supply operates one location in Richmond, and Ceiling and Wall Supply has five branches in Missouri, Illinois, and Kentucky.
