Business
Gibraltar Acquires Quality Aluminum Products for $54 Million
Expands Residential Building Capabilities Transaction expected to be immediately accretive to earnings BUFFALO, New York--(BUSINESS WIRE)-- Gibraltar
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nExpands Residential Building Capabilities\n\nTransaction expected to be immediately accretive to earnings\n\n BUFFALO, New York--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced it has acquired Quality Aluminum Products (QAP), a manufacturer of residential building products, for $54 million in cash, subject to customary adjustments for working capital.\n\nQAP manufactures aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding, and serves wholesale markets in the Midwest, Northeast and South. For the trailing twelve months ended July 31, 2022, QAP recorded revenue of $93 million and Adjusted EBITDA of $11.5 million. The transaction is expected to be immediately accretive to earnings.\n\n“The acquisition of QAP expands our residential product offering and builds our presence in additional regional markets supporting both retail and wholesale customers,” Chairman and CEO Bill Bosway stated. “Adding a market leader like QAP supports our overall objective of accelerating growth, earnings, and market participation while also adding a best-in-class operating team to the Gibraltar organization.”\n\n“I am excited that QAP has joined Gibraltar—our companies both have a strong heritage focusing on customer satisfaction,” said Bob Clark, CEO, QAP. “I look forward to the work we will do together to deliver a strong platform of growth that benefits our employees and customers alike.”\n\nAbout Gibraltar\n\nGibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.\n\nForward-Looking Statements\n\nCertain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in who...