U.S. industrial growth company CSW Industrials Inc (Nasdaq: CSWI) has acquired Greco Aluminum Railings Ltd, a Windsor, Ontario-based designer and maker of railing and safety systems for multi-family and commercial structures in North America. CSWI said it paid about US$28 million for Greco, which will add to the Dallas, Texas-based company’s building products portfolio. Established in 1991, Greco was acquired in September 2012 by O2 Investment Partners, a U.S. private equity firm.
CSW Industrials Announces Acquisition of Greco Aluminum Railings
CSW Industrials expands its Industrial Products segment with the acquisition of a leading designer and manufacturer of custom engineered architectural railing systems
DALLAS, Feb. 28, 2017 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (“CSW Industrials” or “CSWI”) (Nasdaq:CSWI) a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals, today announced that it has acquired Greco Aluminum Railings (“Greco”) for approximately $28 million. Greco is a leading manufacturer of high-quality engineered railing and safety systems for multi-family and commercial structures in the United States and Canada. Based in Windsor, Ontario, Canada, and with operations both in Canada and the United States, Greco employs a team of over 75 experienced engineers, designers, and installers to deliver turnkey solutions for new construction, renovation, and restoration applications.
Greco will become part of CSWI’s Industrial Products business segment and had trailing twelve-month revenue of approximately $13.5 million and adjusted EBITDA of approximately $3.75 million. The transaction was funded through CSW Industrials’ revolving credit line and is expected to be accretive to EPS within its first year.
Joseph B. Armes, CSW Industrials’ Chief Executive Officer, commented, “Greco builds upon CSWI’s unique architecturally specified building products portfolio, which is one of our fastest growing product categories, and Greco has seen its revenue grow approximately 9% annually over the past three years. This acquisition underscores our strategy to identify best-in-class product acquisitions and leverage our existing distribution channels and broad end market exposure to drive profitable growth.” Armes continued, “Greco’s innovative railings and safety systems are an ideal addition to CSWI’s line of architecturally specified building products which help make buildings safer and more aesthetically pleasing, while enabling compliance with building codes. Their superior design and short lead times deliver specified products within demanding construction schedules. We expect to leverage these processes to our other businesses, and are pleased to add such a unique and talented team to CSWI.”
Dino Aleo, Greco’s President added, “Greco has worked hard to build a reputation for innovative products and superior quality of service in North America, and CSWI is a company that shares Greco’s commitment to growth, quality, and customer satisfaction. We are proud to be joining the CSW Industrials team and excited to begin working together to accelerate Greco’s success.”
CSWI has made available a slide presentation with additional information regarding the acquisition of Greco, which can be accessed in the Investor Relations section of the company’s website at www.cswindustrials.com.
About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSWI’s broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI’s products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, architecturally specified building products, coatings and sealants and high performance specialty lubricants. Markets that CSWI serves include: HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and general industrial markets. More information about CSWI can be obtained by visiting the company’s website at www.cswindustrials.com.
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Investor Relations Contacts:
Michael.Callahan@icrinc.com | 203-682-8311
Phil Denning or Jason Chudoba
Phil.Denning@icrinc.com | 646-277-1258, Jason.Chudoba@icrinc.com | 646-277-1249
Photo courtesy of Greco Aluminum Railings Ltd