Beacon Roofing Supply Enters Northern California with Acquisitions of Ford Wholesale Co. of San Jose and Construction Materials Supply
PEABODY, Mass.--(BUSINESS WIRE)-- Beacon Roofing Supply, Inc. (NAS: BECN) ("Beacon") announced today that it has acquired Ford Wholesale Co. of San Jose ("Ford Wholesale"), a distributor of residential and commercial roofing and related accessories with three locations in Northern California, and Construction Materials Supply ("CMS"), a distributor of mostly residential roofing products with two locations in Northern California. With the two acquisitions, Beacon will add branches in San Jose, Oakland, Livermore and two in Sacramento and sales of approximately $60 million.
Ford Wholesale's President and CEO Jim Ornellas, who will remain with the Company, stated "I believe that joining Beacon presents new opportunities for Ford Wholesale, our customers and our employees. Beacon's size and reputation in the industry will allow us to better serve our customers and expand our product offering to help better serve the professional roofing contractor. I am very excited about Ford Wholesale's future."
CMS's President Peter Clark, who also will remain with the company, stated "Teaming-up with Beacon presented the best opportunity for CMS to grow our business and introduce new product lines to our customers. The entire CMS team looks forward to joining forces with Beacon and sharing in its growth as it expands into Northern California and beyond. I am very excited for the future of CMS."
Paul Isabella, Beacon's President and Chief Executive Officer, emphasized the strategic fit of Ford Wholesale and CMS, the new geography that the acquisitions bring to Beacon, and the compatibility of the three companies. He stated: "We are very excited to welcome Ford Wholesale and CMS and their experienced teams to Beacon. These acquisitions allow Beacon to enter the attractive Northern California market in a substantial way and continue to expand our footprint in that state. We now have nearly quadrupled the California branches we had just six months ago.. Equally important is that the CMS and Ford Wholesale teams share our belief that success comes from hard work and a strong commitment to your employees and customers."
About Beacon Roofing Supply Inc.: Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products operating 229 branches in 38 states in the United States and across Canada. Website: www.beaconroofingsupply.com.
"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 or Form 10-K for the most recently ended fiscal year.
Beacon Roofing Supply, Inc.
Rick Welker, CAO, 978-535-7668 x28
KEYWORDS: United States North America California Massachusetts
The article Beacon Roofing Supply Enters Northern California with Acquisitions of Ford Wholesale Co. of San Jose and Construction Materials Supply originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.