Apogee Enterprises, Inc. (Nasdaq:APOG) announced today that it has acquired 100 percent of the stock of Toronto-based Alumicor Limited, which finishes and fabricates aluminum frames for window, storefront, entrance and curtainwall products for the Canadian commercial construction industry, for approximately $52 million from majority shareholder Fulcrum Capital Partners and six minority shareholders. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.
“We are very pleased to acquire Alumicor, a Canadian market leader with annual revenues of approximately C$60 million and an impressive management team,” said Joseph F. Puishys, Apogee chief executive officer. “Alumicor ideally complements Apogee’s growth strategies. It helps Apogee grow geographically by expanding our presence in the Canadian non-residential market, and will also contribute to growth through new product introductions.
“Alumicor is a growing company with operating margins consistent with the Architectural Framing Systems segment, and we expect it to be accretive to Apogee’s earnings in fiscal 2015,” said Puishys. “Alumicor serves both new construction and retrofit projects in the Canadian institutional and commercial sectors. It is a brand known for quality and delivery, consistent with the strength of Apogee’s other brands.”
“We are pleased to be joining forces with Apogee, a strong company that is also known for its leadership and integrity in commercial construction markets,” said Larry Maker, Alumicor president. “We look forward to working with Apogee to capitalize on opportunities to grow Alumicor and to leverage synergies with our new sister companies.”
“This is the second acquisition Apogee has completed this fiscal year, the first being a custom window company in Colorado,” said Puishys. “Along with our organic growth initiatives, this puts us well on our way to exceeding our goal to be $1 billion in revenues by the end of fiscal 2016.”
Apogee funded the acquisition from cash. Alumicor will be a seventh stand-alone business in the Apogee portfolio, reporting to Puishys. Its results will be incorporated in the Architectural Framing Systems segment, which includes Tubelite, a storefront, entrance and curtainwall company serving U.S. markets, Wausau, a custom window and curtainwall company, and Linetec, a finishing company.