In its Q3 earnings release right now, developing goods manufacturer Gibraltar Industries (NASDAQ: ROCK) revealed that it has bought Ohio-primarily based cannabis extraction gear enterprise Apeks Supercritical lately. The enterprise, which closed the acquisition in late August, disclosed trailing annual sales by means of June of $17.7 million, generating it a fairly modest element of the all round enterprise, which generated sales in the initial 3 quarters of the year of $789 million and expects complete-year sales to exceed $1.04 billion.
With Gibraltar’s established portfolio of goods and solutions focused on assisting our buyers in designing, developing and enhancing their cultivation operations, we recognized our subsequent chance to assistance our buyers with optimizing their processing operations.
Bill Bosway, Gibraltar Industries CEO
As a outcome, we have taken our initial step forward with the acquisition of Apeks Supercritical, a enterprise that holds a top position in extraction processing with a sturdy leadership group, patented technologies, and top-edge clean extraction technologies. We are excited about this market place, and will continue to broaden our capabilities, and relevance with our buyers.
CEO Bill Bosway, who joined the firm in January, has extended upon a earlier initiative to serve the cannabis sector, which has been historically by means of serving cultivators. His predecessor, Frank Heard, stated a year ago on an earnings contact “So, we view the cannabis market place as considerably bigger than just a greenhouse. And that is exactly where we’re spending our time to attempt to figure out exactly where other than the green home side, really should we be participating in from an revolutionary technologies point of view. So early days, but I’ve personally sat in a couple of these strategic pondering conferences and carried out tours of different kind of technologies providers that we are not involved in right now and it is an fascinating space.”
In its investor presentation, the enterprise described “Acquisitions as a Strategic Accelerator” as a single of essential initiatives, suggesting that this is the principal concentrate in terms of its capital allocation. The enterprise detailed the strategic rationale for the acquisition
At its investor day this summer time just ahead of purchasing Apeks, it discussed its vetting approach for acquisitions. The enterprise recommended it seeks targets with patents, market place leadership and sturdy management that stays in spot. No facts have been offered relating to the acquisition value.
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