(Brampton, February 5, 2007) Gesco Industries Inc (“SHNIER”) announces today that all ownership interests in the Company have been sold by the Shnier family, to an investor group led by Ironbridge Equity Partners Inc. of Toronto.
Gesco Industries Inc., through its operating division, the G. E. Shnier Co., founded in 1938, is Canada’s leading independent, national, floor covering solutions company. The company markets, sells and delivers a complete range of value add flooring products, programs and services to an extensive and wide ranging Canadian customer base. The company employs several hundred associates based in each of five warehouse / showroom / office locations strategically positioned from coast to coast.
Ironbridge Equity Partners Inc. invests in leading Canadian middle market businesses in a broad range of industries including manufacturing, distribution, consumer and business products and services. Ironbridge’s investment team has extensive financial and operating experience working together as an active partner with top management teams.
“The Shnier family, given its size and overall complexity, felt as a part of its succession planning process, that it was the proper time to accept an offer to sell its financial interests in Gesco Industries Inc. and its G.E.Shnier Co. operating division. The Irving, Norman, Cecil and Philip Shnier families feel confident that the company will continue to prosper under the direction of the extremely capable, professional, management team, actively led by its President & C.E.O. Ed duDomaine, who has held that office since 1997. The family leaves the associates in very trustworthy hands”, said Bonnie Shnier Moncik, past Chairman, on behalf of the Board which also included Mark, Paul and Maury Shnier.
When asked for his comments, duDomaine said, “Two points come to mind. First, that the Shnier family have left an indelible mark on this company and the Canadian flooring industry at large. They deserve our sincere thanks, recognition and appreciation for their many significant contributions. Second, the future for SHNIER is extremely bright, as we continue to aggressively increase both sales and market share, building on the many long and well established supplier and customer relationships”.
“Ironbridge is very excited about partnering with management in buying the business from the Shnier family. We have been very impressed with the business and the quality of its people, as well as its many products, programs, services and facilities. This business is positioned well strategically and we look forward to providing whatever assistance we can in order to see it continue to thrive. We hope to be as positive a steward of SHNIER as the Shnier family, recognizing fully the height of that hurdle,” said Al Sellery, co-founder and managing partner of Ironbridge and newly appointed Chairman of Gesco Industries.
For more information about Ironbridge Equity Partners, please visit www.ironbridgeequity.com.