GMS Inc. (NYSE: GMS) has completed the acquisition of 100% of the equity interests of WSB Titan from TorQuest Partners, other institutional investors, and management and other shareholders (subscribe to see the full list) for US $627 million or CDN $800 million in cash.
Titan will operate as a subsidiary of GMS going forward and will continue to be managed by its existing management team, led by former CEO Doug Skrepnek as President of GMS Canada.
Toronto based WSB Titan is Canada’s largest gypsum specialty dealer serving the residential, commercial, and institutional markets with key products including wallboard, insulation, lumber, roofing, steel framing, and other complementary building products.
WSB Titan was founded in 2009 through the partnership of Watson Building Supplies in Ontario, Shoemaker Drywall Supplies in the central and prairie regions, and the Beauchesne Group of Companies from Quebec. Slegg Building Materials joined the group in 2015.
In May 2016, TorQuest in partnership with management, acquired majority stake in the company.
photo credit: WSB Titan
News Release
TorQuest Completes Sale of WSB Titan to GMS
TORONTO, June 4, 2018 /CNW/ – 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.
About TorQuest:
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.
About GMS:
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.
Cision View original content:http://www.prnewswire.com/news-releases/torquest-completes-sale-of-wsb-titan-to-gms-300658977.html
SOURCE TorQuest Partners
Contact Information: TorQuest Partners: Longview Communications and Public Affairs, Olena Lobach, Phone: 416-720-9881, Email: olobach@longviewcomms.ca; GMS: Media Relations: Phone: 770-723-3319, Email: marketing@gms.com