Tecnoglass Announces Acquistion of Window and Door Design and Installation Company in the United States
March 07 2017 - 8:00AM
Marketwired
Tecnoglass Announces Acquistion of Window and Door Design and
Installation Company in the United States
BARRANQUILLA, COLOMBIA-(Marketwired - Mar 7, 2017) - Tecnoglass,
Inc. (NASDAQ: TGLS) ("Tecnoglass" or the "Company"), a leading
manufacturer of architectural glass, windows, and associated
aluminum products for the global commercial and residential
construction industries, today announced that it has acquired
Giovanni Monti and Partners Consulting and Glazing Contractors,
Inc. ("GM&P"), a Florida-based commercial consulting, glazing
and engineering company, specializing in windows and doors for
commercial contractors.
GM&P has many years of experience in the design and
installation of various building enclosure systems, such as glass
curtain and window walls. GM&P services projects of all sizes
throughout the United States, mainly serving architects, general
contractors and developers. As one of the Companys largest clients,
the acquisition of GM&P provides an attractive opportunity for
Tecnoglass to continue its long-term strategy of being vertically
integrated and to streamline its distribution logistics. In
addition, GM&P will give Tecnoglass the ability to complete
some fabrication work internally in the U.S when economically
advantageous, providing added operational diversification.
Jos M. Daes, the Company's Chief Executive Officer, commented,
"The acquisition of GM&P is a highly complementary addition to
our rapidly expanding Company. The GM&P team has been a strong
partner to Tecnoglass over the past five years, making this
acquisition a logical next step in our ongoing efforts to
strengthen our position in the United States. This accretive
addition fits well with our existing strategy as it augments our
vertically integrated operations, enhances our distribution
capabilities, and provides us with a unique opportunity to directly
install value-add products in select projects. We look forward to
integrating these operations into our platform, which we expect to
add additional value for our shareholders."
The purchase price for the acquisition was $35 million. $6
million of the purchase price is payable in cash by the Company
within the next 60 days with the remaining amount payable by the
Company in cash, stock of the Company or a combination of both at
the Companys sole discretion within the next 180 days. For the full
year ended December 31, 2016, GM&P had revenue of approximately
$137 million, which after giving effect to the elimination of
inter-company revenues with Tecnoglass, would have contributed
approximately $50 million of net revenue to the Company on a pro
forma consolidated basis for that period.
Tecnoglass will discuss additional details about the acquisition
on its previously scheduled fourth quarter 2016 earnings conference
call at 9:00 a.m. eastern time (9:00 a.m. Bogota, Colombia time) on
Friday, March 10, 2017. A webcast of the conference call will be
available on the Investor Relations section of Tecnoglass' website
at www.tecnoglass.com. To participate by telephone, dial (877)
705-6003 (Domestic) or (201) 493-6725 (International).
About Tecnoglass Tecnoglass Inc. is a leading manufacturer of
architectural glass, windows, and associated aluminum products for
the global commercial and residential construction industries.
Tecnoglass is the #1 architectural glass transformation company in
Latin America and the second largest glass fabricator serving the
United States. Headquartered in Barranquilla, Colombia, the Company
operates out of a 2.7 million square foot vertically-integrated,
state-of-the-art manufacturing complex that provides easy access to
the Americas, the Caribbean, and the Pacific. Tecnoglass supplies
more than 800 customers in North, Central and South America, with
the United States accounting for approximately 60% of revenues in
2015. Tecnoglass' tailored, high-end products are found on some of
the world's most distinctive properties, including the El Dorado
Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza
(Panama), Trump Tower (Miami), and The Woodlands (Houston). For
more information, please visit www.tecnoglass.com or view our
corporate video at https://vimeo.com/134429998.
Forward Looking Statements This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, future growth and future
acquisitions. These statements are based on Tecnoglass' current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
Tecnoglass' business. These risks, uncertainties and contingencies
are indicated from time to time in Tecnoglass' filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Further, investors
should keep in mind that Tecnoglass' financial results in any
particular period may not be indicative of future results.
Tecnoglass is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events and changes
in assumptions or otherwise, except as required by law.
Contact Information
Investor Relations: Santiago Giraldo Deputy CFO 305-503-9062
investorrelations@tecnoglass.com
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