NCI acquiring Environmental Stoneworks
Building products manufacturer NCI Building Systems, Inc. is acquiring Environmental Stoneworks.
Under the terms of a unit purchase agreement, NCI is paying $186 million for the stone veneer manufacturer and installer.
Environmental Stoneworks generated $160 million in revenues, according to NCI. The transaction is expected to close during the first quarter of 2019.
"The acquisition of Environmental Stoneworks significantly increases NCI's geographical footprint in manufactured stone products, one of the fastest growing categories of exterior cladding materials. It positions us to better serve our residential customers, while creating considerable cross selling opportunities with our commercial customers," said James Metcalf, Chairman and CEO of NCI. "The transaction directly supports NCI's industrial logic and value proposition adding to our already strong residential, repair and remodel and commercial platform."
Chuck Stein, who has served as president and CEO of Environmental Stoneworks, will serve as president of NCI’s stone businesses once the deal is complete.
Last October, Environmental Stoneworks acquired VanWell Masonry – a masonry installation provider based in Snohomish, Wash.
The following month, NCI completed its acquisition of exterior building products manufacturer Ply Gem.
In other NCI news the company announced that Chief Financial Officer Shawn Poe plans to retire from his position, effective May 31.
NCI recently reported that fourth quarter 2018 sales increased 17.4% to $573.6 million from fourth quarter 2017 sales of $488.7 million.
Based in Denver, Col., Environmental Stoneworks operates five manufacturing facilities and 21 installation centers in the United States.
Under the terms of a unit purchase agreement, NCI is paying $186 million for the stone veneer manufacturer and installer.
Environmental Stoneworks generated $160 million in revenues, according to NCI. The transaction is expected to close during the first quarter of 2019.
"The acquisition of Environmental Stoneworks significantly increases NCI's geographical footprint in manufactured stone products, one of the fastest growing categories of exterior cladding materials. It positions us to better serve our residential customers, while creating considerable cross selling opportunities with our commercial customers," said James Metcalf, Chairman and CEO of NCI. "The transaction directly supports NCI's industrial logic and value proposition adding to our already strong residential, repair and remodel and commercial platform."
Chuck Stein, who has served as president and CEO of Environmental Stoneworks, will serve as president of NCI’s stone businesses once the deal is complete.
Last October, Environmental Stoneworks acquired VanWell Masonry – a masonry installation provider based in Snohomish, Wash.
The following month, NCI completed its acquisition of exterior building products manufacturer Ply Gem.
In other NCI news the company announced that Chief Financial Officer Shawn Poe plans to retire from his position, effective May 31.
NCI recently reported that fourth quarter 2018 sales increased 17.4% to $573.6 million from fourth quarter 2017 sales of $488.7 million.
Based in Denver, Col., Environmental Stoneworks operates five manufacturing facilities and 21 installation centers in the United States.