Beacon Roofing Supply Announces Acquisition of Minnesota-Based Tri-State Builders Supply
SOURCE: BuildingOnline's eUpdate Newsfeed
HERNDON, Va.--(BUSINESS WIRE)--May 1, 2018-- Beacon Roofing Supply, Inc. (Nasdaq: BECN) (Beacon or the Company), the largest publicly traded distributor of roofing and complementary building products in the United States and Canada, announced today that it has acquired Tri-State Builders Supply (Tri-State), a wholesale supplier of roofing, siding, windows, doors and related building products located in Duluth, Minnesota. Founded in 1952, Tri-State serves the broad market area of Minnesota, northern Wisconsin and Upper Michigan. The acquisition deepens Beacons already strong presence in the Upper Midwest, which now includes more than 30 branches throughout Minnesota, Wisconsin and Michigan.
Tri-States Owner and President Mark Peterson, who will remain with the Company, stated: We are thrilled to join the Beacon team. When we looked at potential partners for this next step in Tri-States growth, Beacon was head and shoulders above the rest. Beacon shares our work ethic and values, our dedication to great customer service, and our commitment to employee development. Also, Beacons national platform and excellent reputation across the region will enable Tri-State to offer our customers broader product offerings and even more efficient deliveries. I am 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, stating: We are very excited that Mark and the rest of the Tri-State team have joined the Beacon family. Over the last 65 years, Tri-State has earned its reputation as a trusted supplier of premium building materials with a strong customer base and a knowledgeable, experienced team. Combining Tri-State with our existing Roof Depot and new Allied branches expands our footprint in the region and enhances our ability to service our Minnesota, northern Wisconsin and Upper Michigan customers. The Tri-State acquisition also demonstrates that Beacon has the financial and operational capacity to capitalize on the momentum of the Allied deal by continuing to add high-quality companies to our organization. I look for that trend to continue during the rest of 2018 and beyond.
About Beacon Roofing Supply
Founded in 1928, Beacon Roofing Supply, Inc. is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 570 branches throughout all 50 states in the U.S. and 6 provinces in Canada. To learn more about Beacon and its family of regional brands, please visit www.becn.com.
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.
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