GMS Inc., the wallboard, steel studs and ceiling systems specialty dealer that ranks No. 8 on the ProSales 100, announced today that it has acquired ASI Building Products, a similar company based in Saginaw, Mich., with branches in Detroit and Southfield.
The deal is the ninth since May 2016 for Tucker, Ga.-based GMS, which now operates more than 200 yards across the U.S., all operating under local names. Those acquisitions are one reason why the company could report June 29 that its net income shot up 60.7% year-over-year to $14.3 million in its fiscal fourth quarter ended April 30, while net sales grew 16.7% from the year-earlier quarter to a record $615 million. Its calendar 2016 revenue totaled $2.23 billion.
ASI’s majority owner, Dave Mayer, and his team will remain with the company. “The combined platform will allow us to further strengthen our local relationships which we have built through more than 35 years of dedicated service to our customers,” Mayer said in a GMS news release.
With the ASI acquisition, GMS now has 16 locations in Michigan.
Today’s announcement comes less than a day after Foundation Building Materials (FBM), the $1.4 billion distributor of wallboard, ceiling systems, and mechanical insulation that is GMS’ chief rival, announced that has acquired nearly all the assets of American Wal-Board, a Memphis-area dealer with one branch in Tennessee and one in Mississippi.
