Beacon Roofing Supply announced today that it acquired Independent Building Materials (IBM), a distributor of mostly residential roofing systems and related accessories with one location in Orlando, Fla.
"IBM presents us with an excellent opportunity to enter the Orlando market and begin to expand our footprint in Florida," Paul Isabella, president and chief operating officer of Beacon, said in a statement. "Equally important is that IBM's team shares our belief that success comes from hard work and a strong commitment to your employees and customers."
IBM co-founder Rick Stiskin will remain as IBM's general manager. "Beacon's size and reputation in the industry will allow us to better serve our customers and expand our product offering to help grow our business," Stiskin said in a statement.
Peabody, Mass.-based Beacon reported earlier this month that the net profit in its fiscal first quarter ended Dec. 31, 2009, shrank 58% to $7.8 million on a 20.6% slump in sales to $367.7 million. The company gave four reasons why net sales shrank by $95.6 million from the $463.3 million in took in during the final three months of 2008. There was less re-roofing activity in areas affected by Hurricane Ike, a "significant decline" in non-residential roofing activity, continued weakness in residential roofing activity, and "continued weak complementary product sales in most markets."
Beacon was the No. 5 company on last year's ProSales 100, with $1.78 billion of revenue in 2008. As of year-end 2008, it had 170 branches and 2,372 employeers. Beacon has 174 branches in 37 states and three Canadian provinces.