Volume 40, Issue 9 September 2005
Mergers & Acquisitions
Diamond Triumph Acquires Assets of Settles Glass
Diamond Triumph Auto Glass Inc., one of the nation’s largest providers of auto glass services, has acquired the retail auto and fabrication glass assets of Settles Glass Companies Inc. of Quincy, Mass.
The acquisition will provide Diamond Triumph’s customers with an additional 18 full-service retail locations throughout Massachusetts and one full service retail location in New Hampshire. Annual un-audited revenues of Settles Glass were approximately $9.5 million for the fiscal year ended March 31, 2005.
“This transaction positions Diamond Triumph for growth in an important geographic market,” said Norm Harris, chief executive officer of Diamond Triumph. “As we integrate in this marketplace, our first priority is to continue to enhance Settles strong tradition of providing superior quality customer service and value. We believe by leveraging the strengths of both organizations, we will provide outstanding opportunities for our employees while giving our customers additional access and service potential.”
Diamond Triumph does currently do some flat glass work. Doug Boyle, chief financial officer, explained that the company’s plan is to maintain the flat glass side of the Settles operation as it is in the short term. Longer term, he said they will look at how it might be expanded throughout the company’s entire marketplace.
“This moves us into providing new services in new areas. We then want to look at it and see if this is an application that can be expanded throughout the entire Diamond Triumph network,” he stated.
All the Settles locations have in-house capabilities to handle residential retail-type applications, Boyle added, and also offers a range of commercial storefront-type services.
“There is a fabrication operation at the Quincy location to handle the bigger jobs,” he explained.
Tremco to Acquire Illbruck Sealant Systems
Tremco Inc., of Beachwood, Ohio, has entered into a definitive agreement to acquire the pan-European illbruck Sealant Systems businesses from the Illbruck family of Leverkusen, Germany. According to Tremco’s announcement, the businesses have annual revenue of more than 160 million Euros.
“We are excited at the growth possibilities this acquisition will offer both Tremco and illbruck,” said Randy Korach, president of Tremco’s global sealant/weatherproofing division. “We believe the combination of Tremco and illbruck will create a stronger partner for customers throughout the world. illbruck will not only extend Tremco’s product offering with a complementary line of well-respected brands, but will add a talented workforce and a strong pan-European infrastructure to our existing operations.”
Upon completion of the acquisition, illbruck Sealant Systems will become part of the global Tremco Group of companies.
Illbruck Sealant Systems is a developer, manufacturer and distributor of value-added sealant systems for the building industry.
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