(RTTNews) - Building products distributor GMS, Inc. (GMS) announced Thursday it has entered into an agreement to acquire Kamco Supply Corp. The acquisition is expected to significantly expand GMS's presence in the Greater New York area.
Founded in 1939 by the Swerdlick family, and headquartered in Brooklyn, New York, Kamco is a leading supplier of ceilings, wallboard, steel, lumber, and other related construction products. The Company operates five distribution facilities in the Greater New York City area and services the New York metro and tri-state area.
GMS expects to capitalize on cross-selling opportunities with Kamco and GMS's other operations in the region, including the recently acquired Tanner Bolt and Nut, Inc. business.
GMS expects to fund this transaction with cash on hand and borrowings under the Company's established revolving credit facility.
The transaction is expected to close during the fourth quarter of fiscal 2024 for GMS, which ends on April 30, 2024, subject to the satisfaction of customary closing conditions, including HSR approval.
Following the close of the transaction, Kamco's current President, Scott Little and its senior leadership team, will continue to lead the business and the Company will continue to operate under the "Kamco" brand.
