SRS Acquisition Corp. is in the final stages of acquiring State Shingle Co. in Oakland, Calif., a move that will expand SRS to 44 locations nationwide, the company announced today. The purchase is structured as an asset purchase and is scheduled to close on April 1 and is intended to expand SRS' presence in Northern California.
A press release regarding the purchase said State Shingle owner Kevin Lewis and the entire sales and management team will remain with the company, which will also continue to operate under the State Shingle name. The store will operate as part of SRS' California district of Roofline Supply, which currently operates a location 95 miles away in Sacramento, Calif. State Shingle was founded in 1948 and employs 13 people.
"We are very excited to welcome the employees of State Shingle to our growing family of independent companies," said SRS CEO Ron Ross. "State complements our existing geographic footprint in Northern California and really opens up our expansion opportunities in this important state to our national network."
SRS now operates 44 locations in 16 states under the following names: Suncoast Roofers Supply (serving Florida), Southern Shingles (Texas, Oklahoma, and Louisiana, Rowe Supply (Georgia and South Carolina), Atlanta Roofing Supply (Georgia), Wilson Wholesale (Illinois and Minnesota), River City Wholesale (Kentucky), Superior Distribution (Tennessee), Shake & Shingle Supply (Colorado), Stewart Building & Roofing Supply (Arizona), Roofline Supply (Oregon and California), Stoneway Roofing Supply (Washington state) and Pace Supply (Pennsylvania). The company is ranked No. 15 on the ProSales 100 list after reporting sales of $240 million in 2009, but moved up to No. 14 following ABC Supply's acquisition of Bradco Supply.