Foundation Building Materials Closes Transaction with American Securities

Rhea-AI Summary

Foundation Building Materials (FBM) has completed its acquisition by American Securities, a prominent U.S. private equity firm. This transition to private ownership is expected to enhance FBM's ability to better serve customers in the U.S. and Canada. FBM, a leading distributor of specialty building products including wallboard and metal framing, operates over 170 branches and employs 3,300 staff across North America. American Securities plans to partner with FBM's management to support the company's strategic growth initiatives.

Positive

• Acquisition by American Securities could provide FBM with greater operational flexibility.
• Partnership aims to enhance customer service and product delivery.

Negative

• None.

Foundation Building Materials, Inc. (“FBM” or the “Company”), one of the largest specialty building product distributors of wallboard, suspended ceiling systems, metal framing, and complementary and other products in North America, and American Securities LLC, a leading U.S. private equity firm, announced today the closing of American Securities’ acquisition of FBM.

“Under private ownership, FBM will have greater flexibility to intensify its focus on serving customers across the U.S. and Canada,” said Ruben Mendoza, President and CEO of FBM.

“We have long admired FBM’s talented team members and its track record of market leadership and growth,” said Kevin Penn, a Managing Director of American Securities. “We are excited to work alongside management to help the Company execute its strategic plan and continue delivering high-quality products and service to its customers.”

About Foundation Building Materials
Foundation Building Materials, Inc. is a specialty building products distributor of wallboard, suspended ceiling systems, metal framing, and complementary and other products throughout North America. Based in Santa Ana, California, the Company employs more than 3,300 employees and operates more than 170 branches across the United States and Canada. Learn more at www.fbmsales.com or follow us on LinkedIn, Twitter, Instagram, or Facebook.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2.0 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005326/en/

FAQ

What is the recent news regarding Foundation Building Materials (FBM)?

FBM has announced its acquisition by American Securities, closing the deal recently.

How will the acquisition of FBM by American Securities affect its operations?

The acquisition will allow FBM to operate under private ownership, providing more flexibility to focus on customer service.

What is the significance of American Securities acquiring FBM?

American Securities aims to support FBM's strategic plans and enhance its market presence in North America.

How many employees does Foundation Building Materials (FBM) have?

FBM employs over 3,300 employees across its North American operations.