Canadian private equity firm TorQuest Partners has wrapped up its sale of WSB Titan, a Toronto-based building supplies dealer, to GMS Inc (NYSE: GMS), a Tucker, Georgia-based distributor of gypsum wallboard and suspended ceiling systems. The deal, announced in April, is valued at about $800 million (US$627 million). It brings the combined revenue of GMS to about US$3 billion and increases the company’s North American operation to more than 240 branches in 42 states and five Canadian provinces. Doug Skrepnek, Titan’s CEO, now becomes president of GMS Canada. TorQuest has backed Titan since 2016.
TorQuest Completes Sale of WSB Titan to GMS
TORONTO, June 4, 2018 /PRNewswire/ – TorQuest Partners, management and co-investors announced today the successful completion of the previously announced sale of WSB Titan (“Titan”), Canada’s leading independent building supplies dealer, to GMS Inc. (NYSE: GMS), a leading North American distributor of gypsum wallboard and suspended ceiling systems.
“Titan has grown rapidly to become Canada’s leading distributor of wallboard and other building supplies for new construction and renovation. Its tremendous success is a result of the company’s strong value proposition and service delivery excellence, and the hard work and expertise of its many talented and dedicated employees, led by Doug Skrepnek, Gord Coutts and Ryan Shoemaker,” said TorQuest Partner Matt Chapman. “TorQuest has been an ideal partner for us as we have built and grown WSB Titan. Their integrity, creativity and discipline made them the firm we wanted to partner with for this stage of Titan’s growth. We are delighted with the success of our partnership with TorQuest, and excited about the next chapter of our business evolution as part of GMS,” added Doug Skrepnek, CEO of Titan.
The completion of this acquisition further strengthens GMS’s position as one of the largest wallboard distributors in North America, with combined revenues of approximately $3 billion and more than 240 branches throughout 42 states and 5 provinces in Canada.
Titan will operate as a subsidiary of GMS going forward and will continue to be managed by its existing management team, led by Doug Skrepnek as President of GMS Canada.
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
Founded in 1971, GMS operates a network of more than 240 distribution centers across the United States and Canada. GMS’s extensive product offering of wallboard, suspended ceilings systems, or ceilings, and complementary construction products is designed to provide a comprehensive one-stop-shop for our core customer, the interior contractor who installs these products in commercial and residential buildings.
For more information about GMS, please visit www.gms.com.