SRS Acquisition Corporation Announces Strategic Acquisition of Dallas, Texas based Roofing Distributor, Southern Shingles, L.P.
SRS Acquisition Corporation ("SRS" or "the Company") announced today that it has recently signed a purchase agreement to acquire Southern Shingles, L.P. ("Southern Shingles"), a leading independent distributor of residential and commercial roofing in the Dallas/Fort Worth market. Southern Shingles, a privately owned company was founded in 2000 and currently operates one location and employs 14 people.
Southern Shingles has developed a strong local brand that SRS will continue to use locally as it builds on this platform for growth in the Texas market. Southern Shingles currently services both the new construction and re-roof segments of the residential and commercial roofing market in the Dallas/Fort Worth metroplex.
The transaction is structured as an asset purchase and will be closed by the end of the day today. The President of Southern Shingles, Greg Robinson, will be transitioning to the role of branch manager for SRS which will ensure continuity and consistency for the customers, employees, and suppliers of Southern Shingles.
Ron Ross, President and Chief Executive Officer of SRS Acquisition Corporation, stated, "We are very excited to welcome the talented and hard working employees of Southern Shingles to the SRS team. Gaining a presence in Texas is critical to our national expansion plans. Southern Shingles, with their impeccable reputation in the industry, is an ideal platform for us to launch our growth initiatives in this large and high-growth market."
Jay Taylor, Chief Financial Officer and owner of Southern Shingles, commented, "We are proud of the company that we have built and of all of our employees, but felt the timing was right to join forces with a company that could help Southern Shingles achieve new heights. We feel SRS will be good stewards of the company, of our employees, and of our customers going forward."
Greg Robinson, Majority Owner and President of Southern Shingles, added, "Our team is very excited about becoming a part of the SRS team. SRS is a company well positioned to help us thrive in all economic cycles and will bring the resources to take Southern Shingles to the next level while providing great opportunities for our employees. We are looking forward to positioning Southern Shingles into a powerful brand throughout Texas and the Southwest in the coming years."
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company that currently operates 8 locations in Florida under the Suncoast Roofers Supply name. SRS is a portfolio company of AEA Investors, LLC.
