In its second acquisition announcement this week and fourth this month, SRS Acquisition Corp. said it has signed a letter of intent and is in the final stages of due diligence to buy Roofline Supply & Delivery.
Based in Eugene, Ore., Roofline operates locations in Bend, Eugene, Hubbard, and Medford, Ore., and employs 42 people. While terms of the deal have not been disclosed, the transaction is expected to be completed by Aug. 28.
In a statement issued by SRS, the company said Roofline owner Ann Harris and the entire sales and management team will be staying with the company after the sale. The business will also continue operate under the Roofline Supply banner "to ensure continuity for customers, employees and suppliers," SRS said.
SRS' existing location in Clackamas, Ore., now known as Stoneway Roofing Supply, will change its name to Roofline Supply.
Pat Hughes was appointed to the new position of district manager for the five Oregon locations, all operating as Roofline Supply. Hughes will continue to report to Lonnie Peterson, SRS regional vice president for the West.
"Roofline complements our geographic footprint in the Pacific Northwest and also brings strength in the new construction and commercial roofing segments to allow greater diversity as the economy there recovers," Ron Ross, president and CEO of SRS, said in a statement.
As SRS has pointed out after previous recent acquisitions, Roofline will be used as a launch pad for expansion in the area. In the past two weeks, SRS has added River City Wholesale in the Louisville, Ky., market along with Shake & Shingle Co. in the Denver area, and Atlanta South Supply Inc., an independent residential and commercial roofing distributor in the Atlanta metro market.
Based in McKinney, Texas, SRS now operates 28 locations in Florida, Georgia, South Carolina, Texas, Kentucky, Illinois, Colorado, Washington and Oregon. It ranked 29th on the 2009 ProSales 100, with total sales of $120 million in 2008.