ABC Supply Co. (ABC) announced today it has reached an agreement to acquire Bradco Supply Corp. (Bradco). The move will create a super roofing and LBM distributor that's 25% bigger than the No. 1 company on the ProSales 100, with 479 locations in 45 states and combined sales of more than $4 billion.
In the latest ProSales 100, released last week, Beloit, Wis.-based ABC ranked second overall with total 2009 sales of $2.68 billion while Avenel, N.J.-based Bradco ranked fourth with total 2009 sales of $1.46 billion.
The acquisition is expected to close by the end of June, following regulatory approval, the companies said in a press release issued this afternoon. Until the closing, Bradco's 129 branches will continue to operate independently of ABC.
Terms of the deal weren't disclosed.
"This is an exciting time for all Bradco constituents: our customers, our vendors and especially our employees," said Larry Stoddard, Bradco's CEO. "The combination with ABC will create an even stronger company with exciting growth prospects and a continued focus on customer service."
"The addition of Bradco is consistent with our mission to be the best distributor of exterior building products and one of the very best places to work in America," said David Luck, ABC Supply's president and CEO. "We will welcome the addition of Bradco into the ABC family and look forward to the opportunities that this acquisition will create for our associates and the enhanced value it brings to our customers."
ABC operates more than 350 branches in 45 states and the District of Columbia. In an interview with ProSales earlier this year, ABC said it had set goals of reaching 500 locations with more than $5 billion in sales. By obtaining Bradco, the company is now well on its way toward reaching those goals. But with locations overlapping in some markets, it remains to be seen how many former Bradco locations will remain open once the acquisition is complete.