BUFFALO, N.Y.--(BUSINESS WIRE)--
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for industrial, infrastructure, residential, and renewable energy and conservation markets, today announced that it has acquired privately held Package Concierge®, the leading provider of multifamily electronic package delivery locker systems in the U.S. for $20 million in an all-cash transaction. Package Concierge® is the exclusive reseller of Gibraltar’s ExpressLocker™ centralized parcel storage system into the multifamily residential market. The acquisition is expected to be accretive beginning in 2018 following integration and growth investments in 2017.
“Package Concierge® is the clear market leader in the multifamily segment and through the acquisition of Package Concierge®, we plan to accelerate Gibraltar’s presence in the overall fast-growing Package Delivery Locker market,” said Gibraltar Chief Executive Officer Frank Heard. “Package Concierge’s proprietary software/hardware solution and deep understanding of the multifamily market, coupled with our current ExpressLocker™ product, provide Gibraltar with a distinct competitive advantage. We welcome the Package Concierge® team to Gibraltar and look forward to working together to capitalize on many exciting opportunities in this market.”
“Gibraltar has a long history in postal delivery products, and our team at Package Concierge® is excited to combine our mutual strengths and expertise to fast track our presence in the growing Package Delivery Locker market,” said Package Concierge® Chief Executive Officer Georgiana W. Oliver. “As part of the Gibraltar family of businesses, we will expand further on our capabilities to provide this valuable amenity to other market verticals in need of secure and convenient package delivery solutions as a result of rapid eCommerce growth.”
About Gibraltar
Gibraltar Industries is a leading
manufacturer and distributor of building products for industrial,
infrastructure, residential, and renewable energy and conservation
markets. With a four-pillar strategy focused on operational improvement,
product innovation, acquisitions and portfolio management, Gibraltar’s
mission is to drive best-in-class performance. Gibraltar serves
customers primarily throughout North America, and to a lesser extent
Asia. Comprehensive information about Gibraltar can be found on its
website at www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news
release, other than historical information, contains forward-looking
statements and is subject to a number of risk factors, uncertainties,
and assumptions. Risk factors that could affect these statements
include, but are not limited to, the following: the availability of raw
materials and the effects of changing raw material prices on the
Company’s results of operations; energy prices and usage; changing
demand for the Company’s products and services; changes in the liquidity
of the capital and credit markets; risks associated with the integration
and performance of acquisitions; and changes in interest and tax rates.
In addition, such forward-looking statements could also be affected by
general industry and market conditions, as well as general economic and
political conditions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable law
or regulation.
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