GMS Enters the New York City Market with the Acquisition of Tanner Bolt and Nut, Inc. and a Ceilings-Focused Greenfield; Also Details Further Platform Expansion Activity
03 Janeiro 2023 - 09:00AM
GMS Inc. (NYSE: GMS), a leading North American specialty
building products distributor, today provided an update on the
continued execution of its platform expansion strategy with its
first entries in the New York City market. These include the
acquisition of Tanner Bolt and Nut, Inc. and the opening of a
ceilings-focused greenfield location. In addition, the Company
provided details on other recent openings of greenfield yards and
AMES store locations.
“We are excited to announce our first entries in the New York
City market with the acquisition of Tanner Bolt and Nut, Inc. and
the expansion of our relationship with USG to supply ceiling
products from a new greenfield location in Brooklyn,” said John C.
Turner, Jr., President and Chief Executive Officer. “We are pleased
to take this first step into such a significant market. With
Tanner’s focus on tools and fasteners, these additions, along with
the establishment of several new greenfield yard locations and AMES
stores over the last several months represent our continued
commitment to the execution of our strategic priorities of platform
expansion and Complementary Product growth.”
Tanner Bolt and Nut, Inc. (“Tanner”);
Acquired December 30, 2022
Founded in 1979, Tanner Bolt and Nut, Inc., based in Brooklyn,
NY, is a leading distributor of fasteners, tools, safety and
related construction products to the broader New York City market.
The acquisition of Tanner’s four metro area locations establishes
GMS’s inaugural positioning with Complementary Product offerings in
the New York Metro area.
Building on a 40+ year legacy in the market, President Jeffrey
Tannenbaum and the Tanner team will continue to lead the business,
under the Tanner brand name. Tanner will partner with the legacy
GMS operations of Capitol Building Supply, Inc., a leader in
specialty building products distribution in the Northeast, to serve
customers across the region.
Greenfield Location Openings
GMS also established three new greenfield locations since its
last platform expansion press release. The activities expand the
Company’s presence, provide enhanced service and broaden the
product offerings in their respective markets:
- Opened earlier this week, in New York, NY, GMS
established a dedicated facility focused on the growth of
acoustical ceilings business into the New York City metro area,
expanding upon its existing USG relationship in other Northeast
- In Greenville, NC, GMS added to its Colonial Materials,
Inc. operations with a location servicing the broader Greenville
- In Chester, VA, GMS added its eighth location to the
Commonwealth Building Materials platform, enhancing coverage of the
Richmond, VA market.
To date, GMS has added six new greenfield locations since the
start of fiscal 2023.
AMES Platform Expansion
Following its acquisition by GMS in December 2021, the AMES
platform continues to execute against its growth strategy by adding
three new AMES® store locations in Fresno, CA, Palm Bay, FL, and
Concord, NC, enhancing its market coverage in these geographies.
The opening of the Fresno, CA location represents the 100th store
opening for AMES. To date, GMS has added nine AMES store locations
during fiscal 2023.
With a substantial liquidity position, including $124 million in
cash on hand as of the end of our most recently ended quarter, the
near-term expectation of strong free cash flow generation and the
Company’s newly expanded ABL Credit Agreement with increased
capacity and an extended maturity, GMS remains well-positioned to
continue to advance its strategic priorities.
Founded in 1971, GMS operates a network of approximately 300
distribution centers with extensive product offerings of Wallboard,
Ceilings, Steel Framing and Complementary Products. In addition,
GMS operates approximately 100 tool sales, rental and service
centers, providing a comprehensive selection of building products
and solutions for its residential and commercial contractor
customer base across the United States and Canada. The Company’s
unique operating model combines the benefits of a national platform
and strategy with a local go-to-market focus, enabling GMS to
generate significant economies of scale while maintaining high
levels of customer service.
For more information about GMS, please visit www.gms.com.
Forward‐Looking Statements and Information:
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. You can generally identify forward-looking statements by our
use of forward-looking terminology such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may,"
"might," "plan," "potential," "predict," "seek," or "should," or
the negative thereof or other variations thereon or comparable
terminology. We have based these forward-looking statements on our
current expectations, assumptions, estimates and projections. While
we believe these expectations, assumptions, estimates, and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control.
Forward-looking statements involve risks and uncertainties,
including those factors described in the "Risk Factors" section in
our filings with the SEC. We undertake no obligation to update any
of the forward-looking statements made herein, whether as a result
of new information, future events, changes in expectation or
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Carey Phelps Vice President, Investor Relations Phone:
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