SRS Acquisition Corp. (SRS) continues to grow at a rapid pace, revealing today that it has acquired certain assets of H&S Building Material L.P. (H&S), a distributor of roofing materials in northwest Houston.
According to a statement issued by SRS, the transaction is structured as a purchase of fixed assets and inventory and includes hiring the H&S employees. H&S, a privately-owned company with headquarters in Houston was founded in 2005 and currently employs 14 people in a single location.
H&S will now operate under the Southern Shingles banner "to ensure continuity and consistency for customers, employees and suppliers in this market," SRS said. However, SRS will not assume the trade payables or accounts receivable from H&S as part of the transaction.
"H&S complements our existing location south of Houston," SRS president and CEO Ron Ross said. He said the new location "also also brings strength in the new construction segment, which will allow greater capacity and market share in this robust and top housing market." The Houston metro area is expected to lead the country this year in building permit issuances.
SRS customers have been requesting a second location in the Houston market so the company could provide better coverage in Houston's northern region, Ross noted. "This acquisition will provide our combined sales team the platform they need to significantly gain market share in 2010 and beyond," he said.
Grady Ashley has been named branch manager of the location and will report to Matt McMurrough, Southern Shingles district manager for South Texas.
Headquartered in McKinney, Texas, SRS now operates 32 locations in Florida, Georgia, South Carolina, Texas, Kentucky, Illinois, Minnesota, Colorado, Washington, Oregon, and California. The building products distributor operates under several banners: Suncoast Roofers Supply, Southern Shingles, Rowe Supply, Atlanta South Supply, Wilson Wholesale, River City Wholesale, Shake & Shingle Supply, Roofline Supply, and Stoneway Roofing Supply.