One of the few remaining holes in Gypsum Management and Supply's national service map was filled in Feb. 1 when the Top 10-worthy specialty dealer announced its acquisition of Robert N. Karpp Co., a three-unit Boston-based distributor of drywall.
The move comes two weeks after Tucker, Ga.-based GMS entered Ohio and Michigan with its acquisition of Gypsum Supply Co., an eight-unit dealer with operations in Michigan and Ohio. Last July, GMS filed documents with the SEC in advance of a potential Initial Public Offering (IPO) to take the company public. So far, no action has been taken by GMS to act on the IPO.
In those filings, GMS said it had “generated $1.6 billion in net sales, $113.9 million of adjusted EBITDA and $13.8 million of net loss” in the fiscal year that ended in April 2015. That easily would put GMS into the top 10 of the ProSales 100. The acquisitions of Karpp and Gypsum Supply Co., certainly will boost those numbers for GMS, which now counts more than 180 locations nationwide, all of them operating under local names. (The map below shows GMS' state penetration before the Karpp and Gypsum Supply Co. deals.)
Karpp bills itself as one of the largest drywall specialty suppliers in New England, serving both Massachusetts and surrounding states. It was founded in 1979.
“This addition to our business is a natural fit for GMS as we continue to expand our geographic footprint, while providing our resources as a national brand to help support new and existing local yards," Mike Anderson, GMS' VP of Operations for the Northeast region, said in a statement. "Karpp has continually provided excellent service to the greater Boston area and surrounding markets. As a result, today we marked our entry into the exceptionally strong New England region with a leading platform that is well positioned for growth.”