The Segal family has sold a majority interest in Bradco Supply to the private equity firm Advent International, Bradco and Advent have announced. Bradco said it expects the deal to close in mid to late August.
The Segal family will continue to own a minority stake in the Avenel, N.J.-based business, and Brad and Martin Segal will remain in the management team, as will company CEO Ted Boylan and the rest . Company founder Barry Segal "will now be free to focus his time and efforts on a variety of charitable endeavors," a statement on Bradco's Web site said.
Bradco has more than 150 locations in 30 states. It ranked eighth on the 2007 ProSales 100 based on 2006 sales of $1.95 billion. It declined to take part in this years ProSales 100, but Advent International's announcement said Bradco's current annual sales are "in excess of $1.7 billion."
"Bradco will continue to focus on delivering world-class service to our customers, as we have for over four decades," said a letter from Brad Segal, Bradco's president. "The most significant change aside from the transfer of ownership will be our access to additional capital and increased ability to grow the company through acquisitions and regional expansion."
"The Segal family has built Bradco into one of the premier distributors in the industry," Stephen Hoffmeister, a principal in Advent International's Boston office, said in an announcement from Advent. "The company has an excellent reputation with customers, founded on delivering outstanding service over four decades. We plan to support management and its strong commitment to providing contractors and builders with quality products, competitive prices and the best customer service in the industry."
The Advent announcement was dated July 1 and the letter on Bradco's site suggest a July 3 date, but news of the deal didn't break until July 15.
Bradco was mainly a roofing distributor focused on the East Coast from 1966 until 1996, when it began to focus more on all types of residential products. One of its most notable moves was the 2004 purchase of 20 Wickes Lumber operations in the Northeast and Midwest.