Beacon Roofing Supply Announces Acquisition of Minnesota-Based Roof Depot
PEABODY, Mass.-- Aug. 25, 2006--Beacon Roofing Supply, Inc. (Nasdaq: BECN) ("Beacon") announced today the acquisition of Roof Depot, Inc. ("Roof Depot"), a Minnesota-based distributor of residential and commercial roofing and other related building products with locations in Minneapolis and Stillwater, Minn.
Roof Depot is a successful and well-respected distributor of roofing and other complementary building products and presents an excellent opportunity for Beacon to expand its Midwest presence into the vibrant Minneapolis-Saint Paul metropolitan market. Founded in 1987, Roof Depot employs 70 associates and generated net sales of approximately $31 million for its fiscal year ended December 31, 2005. Consistent with Beacon's other acquisitions, these facilities will continue to operate under the Roof Depot name to maintain the close relationships Roof Depot has developed with its customers.
Mike McGrath, President of Roof Depot, stated, "Our team of hard-working and dedicated employees are thrilled to be joining the fast-growing Beacon team and recognize the benefits of combining talents and resources to accelerate our growth opportunities for the future. Beacon was our preferred acquirer from day one due to its company culture and management philosophy, both of which are closely aligned with Roof Depot's."
Robert Buck, President & CEO of Beacon, emphasized the strategic fit of the Roof Depot acquisition and stated, "Roof Depot provides Beacon with an excellent opportunity to expand our geographic presence in the Midwest into a new and dynamic Minnesota market that provides an ideal platform for continued growth. Roof Depot has an experienced, knowledgeable management team and very talented and hard-working employees who have produced profitable results with a commitment to service excellence that has earned Roof Depot a strong reputation with its customers."
About Beacon Roofing Supply Inc.:
Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products operating 151 branches in 31 states in the Northeast, Mid-Atlantic, Midwest, Central Plains, Southeast, Southwest and Western regions of the United States and in Eastern Canada.
Contacts
David Grace,
CFO, Beacon Roofing Supply, Inc.
978-535-7668 x14
