SRS Acquisition Corporation Announces Expansion in the Northwest through the upcoming Acquisition of Roofline Delivery & Supply, Inc.
SRS Acquisition Corporation ("SRS" or "the Company") announced today that it has signed a letter of intent and is in the final stages of due diligence to acquire Roofline Supply & Delivery, Inc. ("Roofline"), a leading distributor of roofing materials in Oregon. The transaction is structured as a stock purchase and is scheduled to close on Friday, August 28th. Roofline, a privately-owned company with headquarters in Eugene, Oregon, was founded in 1982 as Cedarwood Products and currently employs 42 people. Roofline operates four locations in Eugene, Bend, Medford and Hubbard, Oregon.
Ann Harris, Roofline's owner, and her entire sales and management team will be staying with the company and the business will continue to operate under the Roofline Supply name to ensure continuity for customers, employees and suppliers. In addition, SRS intends to change the name of its existing Clackamas, Oregon Stoneway Roofing Supply location to Roofline Supply. Pat Hughes will assume the new position of District Manager for the five Oregon locations, all operating as Roofline Supply. Pat will continue to report to Lonnie Peterson, SRS' Regional Vice President for the West.
Ron Ross, President and Chief Executive Officer of SRS Acquisition Corporation, commented, "We are very excited to welcome Roofline to our growing family of companies. Roofline complements our geographic footprint in the Pacific Northwest and also brings strength in the new construction and commercial roofing segments to allow greater diversity as the economy there recovers. The most exciting part of the acquisition is that the people of Roofline are very talented, very growth oriented and are going to help fuel our growth over the coming years out West as they take on more responsibility and give us the talent pool to expand rapidly."
Ann Harris, Roofline Supply's owner, stated, "As an owner-operator of an independent roofing distributor in these very turbulent times, it was very important for us to find not just a safe harbor, but someone with more resources, a similar focus and who wasn't looking to change what we were doing. SRS provides us the opportunity to join forces with eight other great independent companies who put their customers and employees first. Roofline now will have the resources to grow at a faster pace and our people will be able to significantly expand their career opportunities as a result of this new partnership."
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company that with this transaction will operate 28 locations in Florida, Georgia, South Carolina, Texas, Kentucky, Illinois, Colorado, Washington and Oregon under the names: Suncoast Roofers Supply (FL), Southern Shingles (TX), Rowe Supply (GA/SC), Atlanta South Supply (GA), Wilson Wholesale (IL), River City Wholesale (KY), Shake & Shingle Supply (CO), Roofline Supply (OR) and Stoneway Roofing Supply (WA). SRS is a portfolio company of AEA Investors, LLC.
