Gypsum Management & Supply (GMS), a specialty distributor of interior building products, announced the successful completion of its previously announced acquisition of AMES Taping Tools, a provider of automatic taping and finishing tools. The distributor also announced the acquisition of Kimco Supply Company and the recent opening of a greenfield location in Johnson City, Tenn.
“We are pleased to announce the successful completion of the AMES transaction as part of our strategy to grow our complementary product offerings as well as the continued execution of our strategic priority of platform expansion,” John Turner, CEO and president of GMS, said in a news release. “Supported by our strong balance sheet and liquidity, we are continuing to drive growth through platform expansion to diversify our product offerings, while providing enhanced service to our customers.”
Through its network of more than 85 stores, AMES sells products for residential and commercial interior finishing applications and provides a fleet of 100,000 ATF tools available for rent. The company produced trailing twelve-month sales of approximately $100 million. GMS funded its $212.5 million purchase of AMES with cash on hand and borrowings under the company’s ABL credit facility.
Kimco Supply Company is a distributor of drywall and related construction products with two locations in the Tampa and central Florida markets. GMS said the addition of Kimco represents a strategic opportunity to add density in the Tampa-St. Petersburg-Clearwater market while adding an important driver of growth for complementary products in that region.
GMS said the Johnson City, Tenn., greenfield locations will enhance service for customers of GMS subsidiary Rocky Top Materials.
Tucker, Ga.-based GMS operates a network of more than 280 distribution centers across 46 U.S. states and six Canadian provinces, offering wallboard, suspended ceiling systems, and complementary construction products.
