Company Release – 09/01/2020
SANTA ANA, Calif.–(BUSINESS WIRE)– Foundation Building Materials, Inc. (“FBM” or the “Company”) (NYSE: FBM), one of the largest specialty distributors of wallboard, suspended ceilings systems, metal framing, and complementary products in North America, announced today that it has closed the acquisition of Marriott Drywall Materials, Inc. (“Marriott”). Marriott is an independent distributor of drywall and accessories, steel framing, insulation, tools, and fasteners, and has a 22-year track record serving the Greater Milwaukee, Wisconsin area. Terms of the transaction were not disclosed.
“The addition of Marriott further builds our residential and commercial market presence in the Milwaukee metropolitan area,” said Ruben Mendoza, FBM’s President and Chief Executive Officer. “With a strong track record of unparalleled customer service, Marriott is a welcome addition to the FBM network.”
The Company expects Marriott’s performance to be consistent with prior years, with an estimated $2.0 million to $3.0 million in net sales for the remainder of 2020. 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, metal framing, and complementary products throughout North America. Based in Santa Ana, California, the Company employs more than 3,400 employees and operates over 170 branches across the U.S. and Canada. Learn more at www.fbmsales.com or follow us on LinkedIn, Twitter, Instagram or Facebook.
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 Company, 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 meanings. 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 assumptions that involve risks and uncertainties, including, without limitations, COVID-19 impacts, 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, or 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 express 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
Ed Trissel or Joseph Sala, 212-355-4449
Source: Foundation Building Materials, Inc.