Tecnoglass Inc., a manufacturer of architectural glass, windows and associated aluminum products for commercial and residential construction, has acquired Miami-based E.S. Windows (ESW), the largest importer and reseller of Tecnoglass products in the United States. ESW is affiliated with José M. Daes, the CEO of Tecnoglass, and Christian T. Daes, the COO.

The acquisition of ESW was completed for $13 million, which consisted of 734,400 ordinary shares issued in connection with the transaction at an aggregate value of approximately $8.7 million based on the closing price of Tecnoglass shares on December 2, 2016, $2.3 million in cash and $2 million related to the assignment of certain account receivable assets.

“The consolidation of ESW marks another milestone in our efforts to generate shareholder value,” said José M. Daes. “This acquisition further enhances our vertically integrated operations and allows us to more efficiently serve our rapidly expanding U.S. customer base. We are especially pleased to complete this transaction on favorable terms to Tecnoglass, which we expect to be immediately accretive to earnings. With this transaction complete, we believe we are now better situated to continue growing revenues, strengthening our operations and investing capital wisely to produce attractive returns.”

Tecnoglass is headquartered in Colombia and serves clients in North and South America, the Caribbean, Europe, North Africa, the Middle East and Asia.

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