Tecnoglass Inc. announced today that it acquired selected assets of Glasswall LLC, a Miami-based manufacturer of impact-resistant windows and door systems used in high-rise commercial and residential buildings. As part of the transaction, Tecnoglass acquired: a 160,000 square foot warehouse/manufacturing/office facility in Miami; manufacturing and assembly equipment; and Miami-Dade Notice of Acceptance for products manufactured and sold by Glasswall. Total consideration consisted of $4 million in Tecnoglass stock and a 15-year, $5 million term loan that Tecnoglass secured to acquire the facilities.
José M. Daes, CEO of Tecnoglass, said in a company release, “We expect that this transaction will generate considerable near- and long-term benefits for Tecnoglass. We immediately broadened our product portfolio and client base. We have also consolidated the south Florida market, as Glasswall was a competitor known for its quality products, exciting design, and client service. Tecnoglass’s U.S. sales continue to rise, and we remain committed to expanding our presence in this country. The acquired facilities will help support this growth by establishing a U.S. base for Tecnoglass. Although we will continue to manufacture at our 2.3 million square foot facility in Barranquilla, Colombia, we can now perform select manufacturing and light assembly in the U.S., which will enhance client service and create certain cost efficiencies.”
Glasswall was founded in 2002 by Ugo Colombo, a south Florida residential and commercial real estate developer. In 1986, Mr. Colombo founded CMC Group, a fully-integrated real estate development company focused on residential, commercial, and retail properties. CMC Group has developed more than 10 million square feet of commercial and luxury residential real estate, including landmark projects in Brickell, South Beach, Aventura, Miami Beach, and Coconut Grove.
“From a business development perspective, we expect that Tecnoglass will supply impact-resistant windows and doors for four south Florida properties being developed by CMC Group,” Daes said. “These commercial and residential projects, which will be similar in scope to CMC Group’s previously-developed properties, are expected to commence at various times during 2015, 2016, and 2017. We anticipate entering into our initial agreement with CMC Group by mid-2015.”
According to Colombo, “Tecnoglass has been a respected competitor of Glasswall for many years. I have come to know the quality of its products and service, and the vision of its management team. I am pleased to have become a shareholder, and look forward to a long, mutually-beneficial working relationship.”
“Through CMC Group, Ugo Colombo has helped redefine the south Florida skyline and rejuvenate communities. We are excited at the prospect of working together,” Daes said.