EFCO, a leading U.S. manufacturer of architectural aluminium window, curtainwall, storefront and entrance systems, will be acquired by Apogee Enterprises, Inc. (APOG). APOG announced that the company has reached an agreement to purchase 100 per cent of the stock of privately-held EFCO Corporation for $195 Million.
Cameron McGinley, EFCO president commented: “A leader in commercial construction products, Apogee is an ideal parent company for EFCO. We are pleased to be joining the Apogee family and look forward to working with Apogee to capitalize on product, market and operational opportunities for EFCO.”
EFCO has been owned by Pella Corporation since 2007. It has annual revenues of more than $250 million. The company’s management team will continue to lead the business following the acquisition close. APOG expects to close on the purchase of EFCO in the first half of fiscal 2018, pending regulatory approval.
Apogee Enterprises, Inc., headquartered in Minneapolis, offers value-added glass products and metal solutions for the architectural and picture framing industries.
Joseph F. Puishys, Apogee chief executive officer said: “EFCO operates in a space we know and structurally has similar operations to those across the Apogee businesses. In addition, with its broad range of high-performance window, curtainwall and storefront products, it rounds out the Apogee product offering.”
He further added: “We expect this acquisition to generate cash and be accretive to Apogee’s EBITDA and earnings per share, excluding transaction costs, this fiscal year. We expect to generate $10 million to $15 million in annual synergies and operational efficiencies by fiscal 2020.”
Source: http://www.alcircle.com
