Beacon Roofing Supply Announces the Acquisition of Dallas, Texas-Based Roofing & Insulation Supply | Reuters
Beacon Roofing Supply Announces the Acquisition of Dallas, Texas-Based Roofing & Insulation Supply
Beacon Roofing Supply, Inc. (Nasdaq: BECN) ("Beacon") announced today that it has acquired Roofing & Insulation Supply (RIS), a distributor primarily of residential and commercial insulation along with roofing and related products with 20 branches spanning 13 states across New England, the Mid-Atlantic, the Southeast, the Upper Midwest, Texas and Colorado. RIS has 14 branches that distribute only insulation, three branches that distribute only roofing, and three branches that distribute both. Founded in 2000 by a group of roofing and insulation industry veterans, RIS has its corporate headquarters in Dallas, Texas and sales of approximately $70 million annually.
RIS founder Sprague Mullikin stated: "we are pleased to join forces with Beacon, which has a strong platform to allow RIS to better serve our existing customers and reach new customers across the United States and Canada. Being part of the Beacon team will allow RIS to continue our long history of excellent customer service and greatly add to Beacons existing insulation business. We were presented with many strategic opportunities, but we chose to align with Beacon because Beacon fit best with our culture and values, shares our dedication to customer service and offers the greatest growth opportunity for our employees. We are very excited about our future with Beacon."
Paul Isabella, Beacons CEO and President, emphasized the strategic fit of the acquisition and the compatibility of the two companies and stated, "we are very excited that RIS has joined the Beacon team. Sprague Mullikin and his partners have built a great company with a strong customer base, experienced employees and great vendor relationships. RIS will significantly bolster our existing insulation business, which has been a very strong complementary product offering for Beacon for many years, as well as our roofing business in key markets. The insulation industry is fast-growing, will continue to be buoyed by energy conservation regulatory changes, and has an overlapping contractor base that provides great growth opportunities for Beacon both where RIS and Beacon already are well-aligned geographically and where RIS can expand, principally in the Western United States. RIS is a great addition for Beacon.
About Beacon Roofing Supply, Inc.
Founded in 1928, Beacon Roofing Supply, Inc. (NASDAQ: BECN) is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 360 branches throughout 45 states in the U.S. and six provinces in Canada. To learn more about Beacon and its family of regional brands, please visit www.becn.com.
RIS was advised in the transaction by Stephens, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Beacon Roofing Supply Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.
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Beacon Roofing Supply, Inc.
Joseph Nowicki, 571-323-3940
Executive Vice President & Chief Financial Officer
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