Gypsum Management and Supply, Inc. $425 Million Acquisition Financing

Davis Polk is advising the joint lead arrangers and joint bookrunners in connection with a $425 million term loan facility, consisting of up to a $375 million incremental first-lien term loan facility and up to a $50 million second-lien term loan facility, to be provided to GYP Holdings III Corp. (an affiliate of Gypsum Management and Supply, Inc., “GMS”) for its acquisition of WSB Titan for a total consideration of approximately $627 million.

Founded in 1971, GMS operates a national network of distribution centers across the United States. GMS’s extensive product offering of wallboard, suspended ceilings systems or ceilings and complementary interior construction products is designed to provide a comprehensive one-stop-shop for its core customer, the interior contractor who installs these products in commercial and residential buildings. GMS is a publicly traded company that is listed on the New York Stock Exchange.

Headquartered in Toronto, Titan is Canada’s largest gypsum specialty dealer serving the residential, commercial and institutional markets with key products including wallboard, insulation, lumber, roofing, steel framing and other complementary building products.  

The Davis Polk financing team includes partners Kenneth J. Steinberg and Meyer C. Dworkin and counsel David Hahn and Darren Mahone. The capital markets team includes partner Shane Tintle and associates Martin Oberst and Jacqueline Marino. All members of the Davis Polk team are based in the New York office.