CLEVELAND, March 07, 2017 (GLOBE NEWSWIRE) -- Blue Point Capital Partners and its BPCP II platform investment, GESCO Holdings, announced today the acquisition of Savoia Canada Inc., a leading Canadian distributor of ceramic, porcelain and stone surfaces for floor and wall applications. This transaction represents the second add-on acquisition for GESCO since Blue Point acquired the platform investment in March 2013.
Founded over 50 years ago by Graniti Fiandre S.P.A. of Italy, a world-renowned manufacturer of marble, granite, stone and porcelain surface products, Savoia (www.savoia.com) develops unique, innovative materials for commercial and residential applications. Savoia represents leading brands such as Fiandre, Iris U.S., PorcelainGres, Iris Ceramica and Ariostea. Customers and end users include global companies such as Ford, BMW, McDonalds, Nike, Burger King and Starbucks, among others.
Jon Pressnell, a Principal at Blue Point, said, “The acquisition of Savoia further strengthens GESCO’s presence in the attractive ceramic distribution marketplace, and enhances our offerings to commercial, architectural and design customers.”
“Graniti Fiandre takes great comfort knowing that Savoia’s customers will benefit from GESCO’s President, who is widely respected in the marketplace for his exceptional business capabilities and having the resources to fuel growth,” said Federica Minozzi, President of Graniti Fiandre. “In addition, we are thrilled that Savoia’s associates are joining a team known for its inclusive and supportive culture, and lastly, that the Savoia brand will continue as a separate entity under GESCO, allowing it to flourish and develop to its true potential.”
Ed duDomaine, President and CEO of GESCO, adds, “We are very pleased with the acquisition of Savoia Canada and to have built such a strong working relationship with Graniti Finadre. We greatly value Savoia’s corporate name, its many established brands, loyal customers and experienced associates.”
The acquisition of Savoia Canada adds the third entity under the GESCO Group of Companies, alongside Shnier and Tierra Sol. “This move is highly strategic for GESCO, further supporting our efforts to become an even more significant player within the Canadian floor covering marketplace, especially ceramics,” said Chip Chaikin, a Partner with Blue Point.
GESCO Holdings (www.gesco.ca), founded nearly 80 years ago, is Canada’s leading national flooring and multi-surface distribution company. The Company designs, merchandises, markets, sells and distributes various leading licensed and proprietary private label brands to thousands of customers within multiple distribution channels. Products are sourced from over 100 suppliers throughout fourteen countries across the globe. GESCO’s numerous warehouse, office and showroom facilities are strategically located across Canada and throughout the northwestern United States.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $825 million in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors, while providing the resources of an international firm. The Blue Point group has a 26-year track record of partnering with companies in the lower middle-market to facilitate growth and transformative change. It is one of only a few middle market private equity firms with a presence in both the United States and China, which provides a distinct advantage for its portfolio companies. Blue Point typically invests in manufacturing, distribution and service businesses generating between $20 million and $300 million in revenue.