Gibraltar Divests Industrial Business
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, and infrastructure markets, today announced the completion of the sale of its Industrial business to Pacific Avenue Capital Partners, a private investment firm focused on corporate divestitures and other special situations.
“Our Industrial team has done a tremendous job of driving continuous improvement and accelerating growth of higher margin product lines,” said President and Chief Executive Officer Bill Bosway. “For Gibraltar, the decision to divest the non-core Industrial business is consistent with our portfolio management strategy, and this sale enables us to focus more time, talent, and energy on executing to deliver higher growth and returns by increasing our participation in our core markets. We want to thank our entire Industrial organization for all they have done for Gibraltar, and we wish them all the best as they enter a new chapter with Pacific Avenue Capital Partners.”
“We view this acquisition as a strong platform for future add-on acquisitions in a fragmented industry,” said Chris Sznewajs, Founder and Managing Partner of Pacific Avenue Capital Partners. “We appreciate Gibraltar Industries choosing our firm as the ideal buyer given our significant carve-out experience in the industrial sector, and look forward to working with the team post close in driving growth.”
Gibraltar will classify the Industrial business as a discontinued operation in its fourth quarter 2020 results and will provide additional information regarding the divesture during its fourth quarter earnings call scheduled for 9:00 a.m. on Thursday February 25, 2021. Gibraltar expects to use the cash received to reduce outstanding debt.
About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners, founded by Chris Sznewajs in 2017, is a Los Angeles-based private investment firm focused on corporate divestitures and other special situations in the lower middle market. Our extensive M&A and operations experience allows us to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Our senior team has closed over 50 transactions, including 28 corporate divestitures, across a multitude of industries. Through our collaborative approach, we partner with strong management teams to drive strategic change and assist businesses in reaching their full potential. For more information, please visit www.pacificavenuecapital.com.