Apogee Acquires Alumicor Ltd.
Apogee Enterprises, Inc. has acquired Alumicor Ltd., the Toronto-based fabricator of aluminum frames for window, storefront, entrance and curtain-wall products for the Canadian commercial construction market. The transaction is valued at approximately $52 million.
Alumicor will be the seventh stand-alone business in the Apogee portfolio. Apogee is also parent company of Viracon, Harmon, Wausau Window & Wall Systems, Tubelite, Linetec and Tru Vue.
“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 CEO, in a release. “Alumicor ideally complements Apogee’s growth strategies. It helps Apogee grow geographically by expanding our presence in the Canadian nonresidential 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, in the release. “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,” Puishys noted. “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.”