Package Concierge®, the multifamily industry’s preeminent supplier and innovator of electronic package management solutions, today announced it has entered into an acquisition agreement with Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer of commercial building products. Gibraltar will acquire Package Concierge for $20 million in the all-cash transaction.
Package Concierge’s manufacturing partner, Florence Corporation, a subsidiary of Gibraltar Industries, produces the only premium quality, U.S.-made package locker systems. Gibraltar’s acquisition solidifies Package Concierge’s exclusive partnership with Florence and ensures multifamily access to the innovative, American-made technology.
“The online shopping trend continues to grow exponentially, increasing the need for multifamily communities to deliver a seamless resident experience while streamlining their own operations,” said Georgianna W. Oliver, chief executive officer of Package Concierge. “By combining Gibraltar’s unmatched expertise in postal delivery products with our commitment to innovation and in-depth knowledge of the multifamily industry, our clients deliver the best package experience possible to their residents while increasing the efficiency of their leasing offices. We are thrilled to join the Gibraltar family of businesses and excited to bring new products and solutions to the apartment industry.”
Day-to-day operations will remain unchanged, and Package Concierge will continue its modernization of technologies and package management solutions. To better address the impact eCommerce growth is having on the multifamily industry, the firm will launch Package Concierge Express® and a Package Concierge Package Room in 2017.
"Package Concierge is the clear market leader in the multifamily segment and through the acquisition of Package Concierge, we plan to accelerate Gibraltar’s presence in the overall fast-growing Package Delivery Locker market,” said Gibraltar Chief Executive Officer Frank Heard. “Package Concierge’s proprietary software/hardware solution and deep understanding of the multifamily market, coupled with our current ExpressLocker™ product, provide Gibraltar with a distinct competitive advantage. We welcome the Package Concierge team to Gibraltar and look forward to working together to capitalize on many exciting opportunities in this market.”
To learn about Package Concierge’s package management solutions, please visit http://www.packageconcierge.com.
About Package Concierge®
Package Concierge® is the leading provider of package management solutions to the multifamily industry. The company created the first innovative digital locker technology that addresses the escalating challenges of package management in the multifamily and student housing markets. Founded in 2012, the company’s installations across the United States include some of the largest real estate management companies: Alliance Residential, Avalon Bay Communities, Berkshire Property Advisors, The Bozzuto Group, Equity, Greystar, The JBG Companies, Pinnacle and Winn Residential. Its founders are technologists, entrepreneurs and property management professionals from the multifamily apartment industry. Contact Package Concierge at email@example.com for more information.
Gibraltar Industries is a leading manufacturer and distributor of building products for industrial, infrastructure, residential, and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation, acquisitions and portfolio management, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers primarily throughout North America, and to a lesser extent Asia. Comprehensive information about Gibraltar can be found on its website at http://www.gibraltar1.com.
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Information contained in this news release, other than historical information, contains forward-looking statements and is subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in interest and tax rates. In addition, such forward-looking statements could also be affected by general industry and market conditions, as well as general economic and political conditions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.