SRS Acquisition, a McKinney, Texas-based roofing material dealer, announced it signed a letter of intent to acquire Sierra Roofing Supply in Reno, Nev., and S&S Roofing Supply in Hoquiam, Wash. Both transactions are expected to close on Nov. 11 and are structured as an asset purchase.
Sierra Roofing Supply was founded in 1963 and serves the Reno, Nev., metro area. The company's majority owner, Bob Meyer, will not stay with the company, but minority owner Gary Landaburu, as well as the employees, will remain with the company.
S&S Roofing Supply began in 1997 and serves the Washington coastal markets. Manager Tom McAffrey and his team will remain with the company, which will operate under SRS' Stoneway Roofing Supply brand name.
"We are pleased to have the fine employees of both Sierra and S&S join our Western Region in the coming month," said SRS Acquisition COO Dan Tinker. "Entering Nevada and expanding in Washington allow us to expand our platform by entering two markets that we could not properly serve from our existing footprint."
SRS Acquisition is ranked No. 13 on the ProSales 100 list with $343 million in professional sales during 2010. With these acquisitions, it will operate 61 locations in 24 states under 14 different names.