Gibraltar Industries today announced it has acquired the assets of Canadian-based Thermo Energy Systems in an all cash transaction. Thermo Energy Systems is expected to contribute annual revenue at a run rate of approximately $75 million. The acquisition is expected to be accretive for 2020.
Gibraltar Industries describe themselves as the leading provider in North America of products and services for commercial greenhouse growing. In 2015 they acquired all the outstanding shares of RBI Solar, Rough Brothers Manufacturing and affiliates and a year later they also acquired Nexus Corporation.
Thermo Energy Systems is a privately held provider of commercial greenhouse solutions, located in Kingsville and owned by Henry Froese. The company supplies and installs greenhouse heating and cooling systems, irrigation systems, CO2 systems, hot water storage tanks, boiler install and service, greenhouse carts, custom stainless steel kitchens in bunkhouses and fabrication of greenhouse structures. In 2016, they acquired Ideal Power & Control, an electrical company specializing in greenhouse electrical & control requirements.
Thermo Energy has been active in supplying turn-key solutions to all kind of horticultural markets, however Gibraltar Industries focuses on supporting the biologically grown organic food market through the acquirement.
Horticulture is an attractive market
“Thermo’s experience and domain knowledge in commercial growing further expands our leadership position in the design, manufacture, installation and systems integration for our customers in the biologically-grown organic food market,” said Gibraltar Chief Executive Officer William Bosway.
“This is an attractive market, in excess of $1 billion in size and growing at a mid- to high- single digit rate driven by increasing consumer demand. Thermo’s strong reputation will help us serve our customers in this market with best-in-class growing solutions for healthy food anywhere, anytime and in a more environmentally-friendly way. We are incredibly excited to have the Thermo team join the Gibraltar family as we continue to enhance the relevance of our products, services, and solutions to our customers in our renewable energy and conservation platform.”
For more information:
Gibraltar Industries
3556 Lake Shore Road
PO Box 2028
Buffalo, NY 14219-0228
gibraltar1.com