Tecnoglass Acquires Florida-Based E.S. Windows for $13.0 Million

Date: 6 December 2016
Source: Marketwired
Tecnoglass Acquires Florida-Based E.S. Windows for $13.0 Million
Photo source
Tecnoglass

Date: 6 December 2016

Purchase Price Implies Enterprise Value to 2015 Normalized Adjusted EBITDA Ratio of 5.0 Times. Further Enhances Vertically Integrated Operations.Immediately Accretive to Earnings Per Share.

Tecnoglass, Inc., a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, today announced the acquisition of E.S. Windows, LLC ("ESW"), the largest importer and reseller of Tecnoglass products in the United States, based in Miami, Florida. ESW is affiliated with José M. Daes, the Company's Chief Executive Officer, and Christian T. Daes, the Company's Chief Operating Officer.

The acquisition of ESW was completed for a total purchase price of $13.0 million, which consisted of 734,400 ordinary shares issued in connection with the transaction at an aggregate value of approximately $8.7 million based on the closing price of Tecnoglass shares on December 2, 2016, approximately $2.3 million in cash and approximately $2.0 million related to the assignment of certain account receivable assets. The determination of the purchase price, which implies an enterprise value that approximates 5.0 times the 2015 Normalized Adjusted EBITDA of ESW, was supported by an independent valuation conducted by a leading independent Investment bank. Additionally, ESW´s financial due diligence and quality of earnings was performed by accounting and advisory firm Cherry Bekaert LLP, a member within Baker Tilly International.

José M. Daes commented, "The consolidation of ESW marks another milestone in our efforts to generate shareholder value. This acquisition further enhances our vertically integrated operations and allows us to more efficiently serve our rapidly expanding U.S. customer base. We are especially pleased to complete this transaction on favorable terms to Tecnoglass, which we expect to be immediately accretive to earnings. With this transaction complete, we believe we are now better situated to continue growing revenues, strengthening our operations and investing capital wisely to produce attractive returns."

About Tecnoglass

Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. Tecnoglass is the #1 architectural glass transformation company in Latin America and the second largest glass fabricator serving the United States. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7 million square foot vertically-integrated, state-of-the-art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies more than 800 customers in North, Central and South America, with the United States accounting for approximately 60% of revenues in 2015. Tecnoglass' tailored, high-end products are found on some of the world's most distinctive properties, including the El Dorado Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza (Panama), Trump Tower (Miami), and The Woodlands (Houston). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.

600450 Tecnoglass Acquires Florida-Based E.S. Windows for $13.0 Million glassonweb.com

See more news about:

Others also read

Registration is now open for the FGIA 2024 Summer Conference, taking place June 3-6 in Montreal, QC at Le Westin Montréal.
The Glass & Glazing Federation (GGF), FIT Show and FENSA have announced the launch of Glass Conference, an annual education and networking platform for the glazing industry.
The Board of Directors of Glaston Corporation has appointed Toni Laaksonen President and CEO of Glaston Corporation.
NSG Group announces that the Group has decided to cease the production on a float line at Weiherhammer site, Germany, ahead of the cold repair planned next year.
Scm Group is among the Italian companies that submitted the most patent applications in 2023.
The much-anticipated program for the International Conference on Coatings on Glass and Plastics (ICCG) 2024 is finally here!

Add new comment