Rapidly growing SRS Acquisition Corporation (SRS) revealed that it has closed on the acquisition of Pace Supply Corporation (Pace), a distributor of roofing, siding, and windows with headquarters in Lansdale, Pa.
Pace operates four locations in the metro Philadelphia market including: Landsdale, Pottstown, Hatboro, and West Chester, Pa.
The transaction was structured as an asset purchase and closed on May 21, according to SRS. Terms of the deal were not disclosed.
Al Edwards, Pace's owner, and the entire sales and management team will remain with the company, which will continue to operate under the Pace Supply banner, SRS said.
"We look forward to have the opportunity to un-tap the potential of Pace Supply and to allow them to become a strong platform for growth in the northeast," Dan Tinker, Chief Operating Officer of SRS, said in a prepared statement.
"To the owner's credit, Al Edwards and the associates of Pace have done an amazing job competing in a very saturated and competitive market over the past couple of years," Tinker said. "Our focus going
forward will be to help the talented employees at Pace recapture the lost share they once enjoyed by investing heavily in growth initiatives over the coming months."
Al Edwards, Pace Supply's owner, said, "We chose SRS due to their reputation for allowing the companies they acquire to remain entrepreneurial and their mission statement of making money and having fun is aligned with the core values that we founded
"I am especially proud that the Pace Supply legacy our great associates spent decades building, will carry on under their stewardship," said Edwards. "We will become stronger as our employees will now have a level playing field for which to compete on in our market."
Headquartered in McKinney, Texas, SRS now operates 36 locations in Florida, Georgia, South Carolina, Texas, Kentucky, Illinois, Minnesota, Colorado, Washington, Oregon, California, and Pennsylvania. Aside from Pace, the building products distributor operates under several banners including: Suncoast Roofers Supply, Southern Shingles, Rowe Supply, Atlanta South Supply, Wilson Wholesale, River City Wholesale, Shake & Shingle Supply, Roofline Supply, and Stoneway Roofing Supply.
Last month, SRS acquired H&S Building Material L.P. of northwest Houston. The company is now operating under the Shake & Shingle Supply banner.