Company Release – 5/2/2019 8:30 AM ET
TUSTIN, Calif.–(BUSINESS WIRE)– Foundation Building Materials, Inc. (“FBM” or the “Company”) (NYSE: FBM), one of the largest specialty distributors of wallboard, suspended ceilings systems, and metal framing in North America, announced today that it has closed the acquisition of Select Acoustics Supply Inc., (“Select”). Select is an independent distributor of suspended ceiling systems and has a thirty-seven year track record serving the Greater Toronto Area. Terms of the transaction were not disclosed.
“The addition of Select Acoustics Supply further builds our market presence in the downtown Toronto commercial market,” said Ruben Mendoza, FBM’s President and Chief Executive Officer. “With a strong track record of unparalleled customer service, Select is a welcome addition to the FBM network.”
The Company expects Select’s performance to be consistent with prior years, with an estimated $10 million to $12 million in net sales for the remainder of 2019. This acquisition is expected to be immediately accretive to the Company with financial benefits driven by increased scale and cost savings.
About Foundation Building Materials
Foundation Building Materials is a specialty distributor of wallboard, suspended ceilings systems, and metal framing throughout North America. Based in Tustin, California, the Company employs more than 3,400 people and operates more than 175 branches across the U.S. and Canada.
Forward Looking Statements
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements regarding the expected benefits to FBM and its shareholders from completing the acquisition, the expected revenue contribution by the acquired companies, the accretive benefits to FBM’s earnings, and may contain words such as “believe,” “anticipate,” “expect,” ”estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on current expectations, forecasts and assumption that involve risks and uncertainties, including, without limitation, economic, competitive, governmental and technological factors outside of FBM’s control, that may cause the business, strategy or actual results to differ materially from the forward-looking statements. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
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Foundation Building Materials
John Moten, IRC, 657-900-3213
VP Investor Relations
Joele Frank, Wilkinson Brimmer Katcher
Jed Repko, or Ed Trissel, 212-355-4449
Source: Foundation Building Materials, Inc.