Gypsum industry news

Canada: Fortress Investment Group has acquired a majority stake in Gyptech, using funds managed by its affiliates, for an undisclosed sum. The company’s management team hold a minority stake in the business. Moelis & Company is acting as exclusive financial advisor to Fortress and Evercore is acting as placement agent to Fortress on the financing. Fortress said that the purchase will provide strategic support for Gyptech's global growth, with an emphasis on the scaling of technologies and the expansion of client services.

Jeremy McKellar, the CEO of Gyptech, commented “With Fortress' backing, we will continue to grow our aftermarket services and bring to market energy-efficient technologies that are crucial for the future of sustainable construction.”

Ben Green, Director at Fortress, added “Gyptech is a great company with a market-leading position supplying equipment that's foundational to the building construction industry across the globe. With strong demand tailwinds and a great leadership team, we're excited about the company's growth opportunities.”

Gyptech designs, engineers and builds new and replacement production lines for gypsum wallboard and asphalt-shingle facilities. It was established in 1993 and holds offices in North America and Europe.

Fortress Investment Group is a global investment manager. Founded in 1998, it manages US$49bn of assets under management as of 30 September 2024, on behalf of approximately 2000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.