McKinney, Texas, February 28, 2013 — Berkshire Partners LLC, a Boston-based investment firm, today announced that it has acquired a majority interest in SRS Distribution Inc. from AEA Investors.  Members of the SRS management team will remain significant investors in the business.  Terms of the transaction were not disclosed.

SRS is the fourth largest residential roofing distributor in the U.S.  The company’s national network of independent distributors delivers industry-leading products and services to professional roofing contractors.  SRS seeks to be the preferred employer in the industry with highly motivated and engaged employees operating in an entrepreneurial culture.  The company is also a valued and trusted partner for the roofing industry’s leading suppliers.  Founded in 2008, SRS has grown rapidly through organic same-branch sales growth, new branch openings and acquisitions.  The senior management team at SRS has decades of experience in the wholesale roofing distribution business, having served in similar capacities at Cameron Ashley Building Products and Shelter Distribution.

Ron Ross, Chairman & Chief Executive Officer of SRS, commented, “We have had a very successful and rewarding past five years with our partners at AEA, and we look forward to our next chapter of growth with Berkshire Partners.  In Berkshire, we have found another well-capitalized and like-minded partner that shares our strategic vision for SRS.”  

“SRS is led by a talented management team whose entrepreneurial culture and focused execution have led to outstanding growth since its founding,” said Josh Lutzker, Managing Director of Berkshire Partners.  “The company is well-positioned to continue this growth and we look forward to partnering with Ron and the rest of the SRS team in the years ahead.”

Financing for the transaction was provided by UBS Investment Bank, Barclays and Crescent Capital Group.  UBS Investment Bank and Barclays also acted as financial advisors for the buyers.  Weil, Gotshal & Manges LLP acted as legal counsel for the buyers.

About SRS Distribution Inc.
Headquartered in McKinney, TX, SRS is the fourth largest residential roofing distributor in the U.S. with 85 locations in 29 states under 19 different brands: Suncoast Roofers Supply (FL), Southern Shingles (TX/OK/LA/MO/AR), SRS Roofing Supply (AL), Rowe Supply (GA/SC), Atlanta Roofing Supply (GA), Cannon Supply (SC), Columbia Wholesale (SC), Midwest Roofing Supply (IL/MN), Gary-Hobart Roofing Supply (IN), River City Wholesale (KY), Superior Distribution (TN/MD/VA/NC), Shake & Shingle Supply (CO/KS/MO/NE/IL), Stewart Building & Roofing Supply (AZ), Roofline Supply (OR/CA/UT), Stoneway Roofing Supply (WA), Pace Supply (PA/CT), Burbank Roofing Supply Group (CA), ABCO Supply (MI) and Sierra Roofing Supply (NV). For additional information, visit www.srsicorp.com.

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Source: Berkshire Partners via Business Wire
Title: Berkshire Partners Invests in SRS Distribution
Date Published: February 28, 2013
Date Accessed: August 7, 2013