News Releases

Ironbridge Recapitalizes Gesco to Support a New Chapter of Growth and Innovation

Canada– JUNE 22, 2023 –Gesco Industries LP comprising Shnier (Canadian-based national floorcovering distribution company), Division9 (a leading supplier of commercial flooring solutions to the Architect and Design community), and Tierra Sol Ceramic Tile LP (the leading supplier of ceramic tile solutions in Western Canada) announces the sale of Gesco's assets to Ironbridge Equity Partners is complete commencing an exciting new chapter for the organization.

Ironbridge Equity Partners is a Canadian, Toronto-based well-established private equity firm with a track record of successful investments and over $700 million in assets under management. Ironbridge brings industry expertise and a deep understanding of Gesco's potential. Notably, Ironbridge previously owned Gesco from 2007 to 2013, marking the organization's shift to private equity ownership. During this period, the company experienced remarkable growth and was recognized for exemplary customer service, fostering strategic partnerships, and being an employer of choice. The company received numerous business awards in areas such as product innovation, customer service and reliability, employer quality, and environmental leadership. Alan Sellery, President and Managing Partner of Ironbridge commented, "We are really looking forward to our second chapter with Gesco and supporting the experienced team as they return the business to growth and profitability".

As Gesco embarks on this new phase, its commitment to its core promise of offering a thoughtfully selected product assortment combined with bolstered value-added marketing efforts, and all together delivered through sales and service excellence. The investment in Shnier, Division9, and Tierra Sol positions each company to leverage its unique value proposition and drive sustainable growth that will benefit loyal customers, supply partners, and employees alike.

Shnier, the Canadian-based national floorcovering distribution company, will continue its tradition of staying a step ahead by offering customers coast to coast a diverse range of proprietary and licensed innovative and trendsetting floor and wall covering solutions. Division 9, the commercial operating division, will intensify its efforts to deliver its industry-leading floor and wall-covering portfolio to the Architect and Design community across Canada. Finally, Tierra Sol, the premier boutique ceramic tile distributor in Western Canada, will continue to bring its customers an extensive collection of beautiful products.

With the completion of the acquisition, Gesco is set to embrace a new chapter of growth, innovation, and customer-focused excellence. The organization is confident that its renewed laser focus on product, marketing, and service will reinforce its position as a floorcovering industry market leader in Canada.

Ironbridge, a Canadian private equity firm whose strategy is to make equity and equity-linked investments in high-quality, mid-market, Canadian private companies. Target industries include consumer and business products and services, manufacturing, and distribution. The operating background of the principals enables Ironbridge to be a high-value partner to management teams as they seek to improve and grow their businesses. Ironbridge's assets under management are over $700 million including its fourth private equity fund, Ironbridge Equity Partners IV, LP, a fully committed $383 million fund raised in November 2021.

Shnier, founded 85 years ago, is the leading Canadian-based national floorcovering distribution company. It designs, sources, merchandises, markets, sells and distributes a vast number of leading licensed and proprietary private label brands, globally sourced and sold to thousands of customers within multiple distribution channels. GESCO's numerous logistical facilities are strategically located coast to coast within Canada.

Division9 is a subsidiary of Gesco Group of Companies, a leading floor and wall covering distribution company with multiple yet separate operating divisions. Division9 has been delivering industry-leading commercial floor and wall covering solutions across Canada with a team of product experts dedicated to bringing to market the latest styles from around the world that stand the test of time in durability and design.

Tierra Sol Ceramic Tile is a subsidiary of Gesco Group of Companies, a leading floor and wall covering distribution company. Tierra Sol has been offering a vast collection of beautiful tiles to designers, architects, contractors, retailers and end consumers for over 30 years. Tierra Sol is ready to make your tile dreams a reality at any of its locations in Vancouver and Calgary.

 

Media Contact:

Kimberly Van Den Hoek
Creative Services Manager
kvandenhoek@gesco.ca
905-789-3755 ext. 2463