SRS Acquisition Corporation Announces Expansion in the Houston market through the Acquisition of H&S Building Material, L.P.
McKinney, TX, April 16, 2010: SRS Acquisition Corporation (“SRS” or “the Company”) announced today that it has closed on the acquisition of certain assets of H&S Building Material, L.P. (“H&S”), a distributor of roofing materials in northwest Houston. The transaction is structured as a purchase of fixed assets and inventory and includes hiring the H&S employees. H&S, a privately-owned company with headquarters in Houston, Texas, was founded in 2005 and currently employs 14 people in a single location.
The entire H&S sales and operations team will be joining SRS Acquisition and the business will begin to operate under the Southern Shingles name immediately to ensure continuity and consistency for customers, employees and suppliers in this market. However, SRS will not assume the trade payables or accounts receivable from H&S as part of the transaction. SRS is also pleased to announce that Grady Ashley will assume the position of Branch Manager for this new Southern Shingles location and will continue to report to Matt McMurrough, Southern Shingles District Manager for South Texas.
Ron Ross, President and Chief Executive Officer of SRS Acquisition Corporation, commented, "We are very excited to welcome the associates of H&S to our growing family of companies. H&S complements our existing location south of Houston with this new Northwest location and also brings strength in the new construction segment which will allow greater capacity and market share in this robust and top housing market. Houston is one of the strongest markets for us already and our customers have been requesting for some time that we add a more northern location to better cover this extremely large metro market. This acquisition will provide our combined sales team the platform they need to significantly gain market share in 2010 and beyond.”
Bryan Huddleston, one of H&S’s owners, stated, "Selling the assets of H&S to SRS provides the opportunity for our H&S associates to join forces with a great company that values people and will allow our executives to focus back on our other business interests. This operation now will have the buying power and the resources to grow at a faster pace and our people will be able to significantly expand their career opportunities as a result of joining forces with SRS.”
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company that with this transaction will operate 32 locations in Florida, Georgia, South Carolina, Texas, Kentucky, Illinois, Minnesota, Colorado, Washington, Oregon and California under the names: Suncoast Roofers Supply (FL), Southern Shingles (TX), Rowe Supply (GA/SC), Atlanta South Supply (GA), Wilson Wholesale (IL/MN), River City Wholesale (KY), Shake & Shingle Supply (CO), Roofline Supply (OR/CA) and Stoneway Roofing Supply (WA). SRS is a portfolio company of AEA Investors, LLC.
