Investment Enhances Firestone Product Portfolio and Allows Growth in Liquid Coatings Roofing Segment
INDIANAPOLIS, February 15, 2017 – Firestone Building Products Company, LLC (“Firestone”) announced today that it has reached a definitive agreement to acquire Gaco Western (“Gaco”), a leader in innovative silicone roofing systems and provider of top-tier waterproofing and spray foam insulation solutions for a variety of commercial, and residential applications. The acquisition strengthens Firestone’s industry leadership in commercial roofing and offers positions in residential and commercial building products, reinforcing its commitment to be a leader in the building envelope solution. Firestone Building Products is part of Bridgestone Americas, the largest subsidiary of Bridgestone Corporation, the world’s largest tire and rubber company.
“This acquisition supports our strategic plan to penetrate high-growth adjacent product segments,” said Tim Dunn, president of Firestone Building Products. “Adding Gaco’s product portfolio will expand our offering, broaden our customer base, and reaffirm our commitment to being a total solutions provider. We are now also in a position to better capitalize on rapidly growing demand for liquid coating products and are excited about the opportunity to unearth the long-term value that exists in the combination of the two businesses.”
Financial details of the transaction are not being disclosed. The acquisition is expected to be completed before the end of the first quarter 2017, subject to regulatory approvals and other customary closing conditions.
Founded in 1955, Gaco is privately-owned and headquartered in Seattle, Washington. With brands including GacoFlex, GacoRoofFoam and GacoWallFoam, the Company produces silicone polyurethanes, epoxies and acrylic liquid coatings for roofs; decking and waterproofing products that protect pedestrian surfaces, concrete, metal and plywood; and open- and closed-cell foam products, which protect and insulate buildings. All Gaco products are made at its state-of-the-art manufacturing, research and development facility in Waukesha, Wisconsin.
The combination will allow Firestone to provide customers with additional flexible and cost-effective products for their roofing needs. By delivering a high-quality repair product at a competitive price point, Gaco’s portfolio of silicone and acrylic liquid coatings offers an alternative for situations when full roof tear-off and rebuild are not an available solution. For contractors, these products allow for easier and less labor-intensive installation, significantly reducing costs. Additionally, the transaction enables Firestone to offer its customers access to Gaco’s unparalleled waterproofing solutions.
“With over 60 years’ experience providing high quality products to our customers, we have successfully built a leading position in the silicone roofing and waterproofing segments,” said Peter Davis, Gaco Chairman and CEO. “Firestone is the clear leader within the roofing industry and has a strong vision for the broader building envelope – combining best-in-class service, product, and innovation, with a substantial distribution platform. We are excited at the prospects of joining Firestone as it allows us to continue to drive R&D, deliver innovative products to our customers, and offer additional career opportunities to our employees.”
About Firestone Building Products Company, LLC (www.firestonebpco.com):
Firestone Building Products Company, LLC is a leading manufacturer and supplier of a comprehensive “Roots to Rooftops” product portfolio for commercial building performance solutions. By taking the entire building envelope into consideration, Firestone Building Products meets individual customer and project needs for roofing, wall and lining solutions. Headquartered in Indianapolis, Indiana, the company also offers outstanding technical services, an international network of roofing contractors, distributors and field sales representatives, and superior warranty protection. Products include: commercial roofing systems, roofing accessories, green roofing systems and daylighting systems, vegetative roofing systems, metal wall panels, insulation, cavity wall construction, pond liners and geomembranes.
About Gaco Western (www.gaco.com):
Gaco Western was founded in 1955 with its roots in technology and product innovation. The Gaco family of brands offer best-of-class solutions for a variety of commercial, industrial, and residential applications including specialty coatings for roof, pedestrian and traffic decking, and spray polyurethane foam insulation.
Bridgestone Americas – Paul Oakley, Vice President of Communications, (615)937-1497
Gaco Western – Peter Davis, CEO, 206-660-1958