LASALLE, QC, Sept. 16, 2021 /CNW Telbec/ – GDI Integrated Facility Services Inc. (TSX: GDI) (the “Company” or “GDI”) is pleased to announce two acquisitions successfully completed by its operating subsidiaries during September 2021.
Effective on September 1, 2021, Ainsworth Inc. (“Ainsworth”) continued its expansion in the U.S. market with the acquisition of Enginuity, LLC (“Enginuity”). The Enginuity transaction follows Ainsworth’s first strategic U.S. acquisition of The BPAC Group Inc. in January 2021. Based in Mechanicsburg, PA with an office in Glen Arm, MD, Enginuity is a leading design/build mechanical contractor and service provider in Pennsylvania and Maryland. With a company culture centered on safety, selflessness, trust and drive, Enginuity has become the mechanical solutions provider of choice for clients with technologically complex projects and for those seeking a reliable and dependable service provider to handle all of their mechanical needs. Geographically, Enginuity is well positioned to support GDI’s Janitorial USA business segment which has a strong operating presence in Pennsylvania and the Delaware Valley.
Additionally, on September 15, 2021, Superior Solutions LP (“Superior”) completed the acquisition of certain assets of Fuller Industries, LLC (“Fuller”) via a newly-formed U.S. subsidiary. The Fuller transaction represents the first acquisition in the U.S. market for GDI’s janitorial products manufacturing and distribution business. Based in Great Bend, Kansas, Fuller operates a 585,000 sq.ft. chemical and cleaning products manufacturing facility with a significant amount of excess manufacturing capacity and will be instrumental to support Superior’s growth in the U.S market. Fuller manufactures a full line of cleaning chemicals as well as a range of cleaning products such as spray bottles, plastic containers, brooms and brushes for the commercial and industrial markets.
The combined proforma annual revenue generated by the Enginuity and Fuller businesses in their recent trailing-twelve month periods was approximately USD$60 million. Enginuity’s Adjusted EBITDA margin1 is in-line with that of Ainsworth and Fuller’s Adjusted EBITDA1 margin profile is expected to be in-line with and potentially higher than that of GDI’s overall business as manufacturing volumes increase.
“We are very excited about both of these partnerships,” stated Claude Bigras, President & CEO of GDI. “Enginuity is a very well-run business with a strong culture that is perfectly aligned with our own, and it is a solid strategic fit as it operates within GDI’s existing Janitorial USA geographic footprint. Joining forces with Fuller provides us with a large manufacturing platform in the geographic center of the U.S. market and a significant amount of excess capacity to support future growth. Additionally, we believe that having the ability to offer U.S. clients with a made in America product offering will enable Superior to accelerate its penetration of the U.S. market. I would like to welcome the team members of Enginuity and Fuller to the GDI family and let the know that we look forward to generating growth and prosperity together,” concluded Mr. Bigras.