CLEVELAND (April 6, 2016) – Blue Point Capital Partners, in conjunction with its portfolio company, Shnier-GESCO Limited Partnership (Shnier), announced today the acquisition of Tierra Sol Ceramic Tile Ltd., a leading distributor of ceramic and porcelain tile, glass and metal accents, and natural stone products that are used for floors, walls, and commercial and residential applications.
Shnier is headquartered in Brampton, Ontario, and operates five state-of-the-art, warehouse, sales office and showroom facilities across Canada. Founded in 1938, the company offers value-added products, programs and services to its network of over 3,000 dealers. The acquisition of Tierra Sol, which will operate as an autonomous sister division to Shnier, will deepen GESCO’s capabilities in ceramic tile, complement its luxury vinyl tile business, and expand the company’s geographic footprint.
“Shnier excels at marketing, selling and distributing a broad range of licensed and proprietary branded flooring products to multiple customer channels,” said Chip Chaikin, a partner with Blue Point. “Tierra Sol is highly focused on the fast-growing ceramic category, with particular strength in western Canada and the northwestern United States. The combination of the two companies will allow GESCO to reach a larger customer base with an extended product and service offering. The combination is terrific.”
Ed duDomaine, president and chief executive officer of GESCO, said, “This move is a great strategic fit. It is an acquisition in a category that is growing at an accelerated rate, technologically advanced, steadily attracting new investment, global in scale and yet to be consolidated in a major way. As well, it increases significantly GESCO’s relative position within the ceramics industry, as it also establishes an initial footprint in the U.S. marketplace.”
The addition of Tierra Sol will increase GESCO’s exposure to a desirable product segment and further diversify the company’s overall product mix and geographic reach. Tierra Sol operates out of facilities in Seattle, Washington; Vancouver, British Columbia; and Calgary and Edmonton, Alberta.
Jonathan Pressnell, a principal with Blue Point, added, “With the addition of Tierra Sol, GESCO will continue to aggressively increase both sales and market share, while building on its well-established supplier and customer relationships. The future for GESCO is extremely bright.”
Blue Point Capital Partners is a private equity firm managing over $800 million in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of an international firm. The Blue Point group has a 26-year track record of partnering with companies in the lower middle market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in manufacturing, distribution and service businesses generating between $20 million and $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Chip Chaikin
Partner
Blue Point Capital Partners, LLC
127 Public Square, Suite 5100
Cleveland, OH 44114
(216) 535-4700
SHNIER
Ed duDomaine
President and CEO
GESCO / Shnier
50 Kenview Boulevard
Brampton, ON L6T 5S8
Canada
(905) 789-3755