Easton, has finalized the merger of Gamma U.S.A., a leading manufacturer and installer of curtain wall, with Far East Global Group, a publicly traded company based in Hong Kong.
Far East Global Group has purchased a 55% stake in Gamma, of which Easton is its majority shareholder.
Far East Global Group paid $27 million for its controlling interest. Edward W. Easton Family LTD will maintain a 25% ownership stake in Gamma, which is headquartered in Hialeah, New York City, and Quebec City, Canada.
Easton will hold a seat on the new company’s board of directors. With the merger, Far East Global Group now becomes one of the top three curtain wall manufacturers in the world.
Edward W. Easton Family LTD purchased Gamma Industries on the Canadian stock exchange in 2007 for $5.4 million and immediately took the company private. Easton’s participation came as a result of a relationship he had with one of his commercial real estate tenants, Elliot Kracko.
Kracko had years of experience in the curtain wall industry and saw real opportunity with Gamma Industries. With Easton’s real estate contacts and access to capital, the two partnered to purchase the company, with Kracko owning 44% and the Easton family owning 56%.
Easton made his name developing and investing in commercial real estate over the past three decades. But as the real estate market slowed down considerably, he identified other business opportunities by networking with his 832 tenants.