Beacon Roofing Supply Announces Strategic Acquisition of a West Coast Distributor
PEABODY, Mass., (BUSINESS WIRE) -- Beacon Roofing Supply, Inc. (Nasdaq: BECN) announced today the acquisition of C&S Roofing Materials, Inc., doing business as Pacific Supply Company ("Pacific"), a west coast distributor of roofing and other building products headquartered in Orange, California.
Pacific operates four facilities in Southern California that offer residential and commercial roofing products and other complementary building products. It is a successful and fast growing company and represents an excellent opportunity for Beacon to expand its distribution business into the very attractive west coast markets. Pacific was founded in 1970, employs 123 associates and generated net sales of approximately $53 million for the year ended December 31, 2005.
Pacific has a knowledgeable and motivated management team that has produced excellent results during its long history. Consistent with Beacon's other acquisitions, Pacific's facilities will continue operating under their local identity to continue the close relationships they have developed with their customers.
Chuck Wentworth, CEO of Pacific, stated, "Pacific and Beacon share common cultures with an emphasis on quality people, products and services and our employees are enthusiastic about extending Pacific's and Beacon's reputation for quality products and services to other areas of the west coast. Rob Keen, President of Pacific, remarked, "Our management team is excited about the growth opportunities that are available to us by combining our talents and resources with Beacon. Beacon has shown the ability to grow their other regions quickly and profitably and we want to serve as the springboard for them to develop a significant future west coast presence."
Robert Buck, CEO of Beacon, emphasized the overall strategic importance of the Pacific acquisition and stated, "Pacific is a respected supplier in Southern California and opens up the entire west coast to us for additional expansion. They have experienced employees and California is a terrific new market for us."
About Beacon Roofing Supply Inc.:
Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products operating 142 branches in 30 states in the Northeast, Mid-Atlantic, Midwest, Central Plains, Southeast, Southwest and Western regions of the United States and in Eastern Canada.
This release contains information about management's view of the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the "Risk Factors" section of the Company's latest Form 10-K. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
SOURCE: Beacon Roofing Supply, Inc.
Beacon Roofing Supply, Inc.
Dave Grace, CFO, 978-535-7668 x14