Tecnoglass Acquires Miami-Based Glazing Company for $35 Million USD
Barranquilla-based glass and window maker Tecnoglass Inc. will pay $35 million USD to acquire Giovanni Monti and Partners Consulting and Glazing Contractors, Inc. (GM&P), a glazing and consulting contractor in Miami. Some $6 million USD will be paid in cash during the next 60 days with the remainder to be paid by either cash or stock in the company, at Tecnoglass’ discretion, over the next 180 days.
Tecnoglass has increasingly been looking to establish a larger physical presence in the United States, and company CEO José M. Daes called this purchase a “highly complementary addition.” This comes just three months after the company acquired Miami-based E.S. Windows, LLC for $13 million USD.
The two firms have partnered together in the past, with Giovanni serving as one of Tecnoglass’ largest clients for the past half-decade, and the move was made with an eye toward better vertically integrating and streamlining distribution. Giovanni, which works as architects, designers, and contractors on jobs throughout the United States, also has experience in projects such as glass curtains and window walls, in addition to its fabrication operations, which is something Tecnoglass sees as valuable in adding diversity to its capabilities. In a statement, Tecnoglass said that Giovanni had revenue of approximately $137 million in 2016.
“The GM&P team has been a strong partner to Tecnoglass over the past five years,” said Daes, “making this acquisition a logical next step in our ongoing efforts to strengthen our position in the United States. This … 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 firm said that it provide more details and background about the acquisition during its fourth quarter earnings call on March 10 at 9:00 am Eastern Time.
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