GESCO

GESCO

April 05, 2016 13:21 ET

Shnier Parent Company (GESCO) Acquires Tierra Sol

BRAMPTON, ONTARIO--(Marketwired - April 5, 2016) - GESCO of Brampton Ontario is pleased to announce the acquisition of Tierra Sol Ltd. of Vancouver, BC.

Tierra Sol, founded in 1979, is a leading Western Canadian and U.S. Pacific Northwest based ceramics and stone distribution company. It sources globally, while servicing locally, from each of four facilities located in Seattle Washington, Vancouver BC, Calgary and Edmonton AB. Tierra Sol's customers include those in the retail, commercial and builder related channels.

Tierra Sol will become the second major operating division of GESCO, a privately held national floor covering distribution company. Its operating division Shnier is a leading national provider of globally sourced products, value add marketing and merchandising programs and finance, logistics & I.T. services. The company serves over 3,000 customers be they retail, commercial or builder based, from each of five distribution facilities stretching from Vancouver, BC to Dartmouth, NS.

"This move is a great strategic fit," said Ed duDomaine, President & CEO of GESCO. "It is an acquisition in a category that is growing at an accelerated rate, technologically advanced, steadily attracting new investment, global in scale and yet to be consolidated in a major way. As well, it increases significantly GESCO's relative position within the ceramics industry, as it also establishes an initial footprint in the U.S. marketplace."

"The benefits to Tierra Sol's constituent groups will be numerous," stated duDomaine. "Its customers will see its product selection improve, as they enjoy greater access to value add marketing and merchandising programs. Tierra Sol's global suppliers will have increased access to the market, resulting in increased volume and share. And finally, the employees will benefit from additional capital investment made in their corporate infrastructure and the Tierra Sol brand itself, both designed to further support and drive accelerated growth."

Shnier and Tierra Sol will remain as two separate and autonomous operating divisions under GESCO. Hardy Porter, President & Co-founder of Tierra Sol, will become its Chairman, working alongside its newly appointed President Chris Schneider, formerly Vice President of Marketing with Shnier. Hardy and Chris will be located at Tierra Sol's office in Vancouver BC.

"The new association with GESCO is a welcomed event," said Hardy Porter. "GESCO's reputation, record for integrity, extensive number of assets, working understanding of both our industry and business, along with their expressed intention to further build and support the Tierra Sol brand, convinced our family that they were the perfect successor / partner. This transaction will benefit our customers, suppliers and employees, ensuring that Tierra Sol successfully moves on to the next stage in its development."

Chris Schneider added "This new association is very good for both Tierra Sol and for GESCO. While there are some advantages in terms of operating efficiency, the largest opportunity is for GESCO resources to be made available to Tierra Sol, in order to further enhance its growth."

GESCO, founded in 1938 is majority owned by Blue Point Capital Partners of Cleveland, Ohio.

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