New South Construction Supply (NSCS) revealed the company’s agreement to acquire American Contractor’s Supply (ACS) has been dissolved. After NSCS signed a letter of intent to acquire ACS last month, ACS president and CEO Jason Retuer has decided now is not the time to sell his company.

“While we are disappointed that this deal did not reach the finish line, we understand Jason’s change of heart in selling his business,” NSCS CEO Jim Sobeck and COO Abhi Singh wrote in a joint company statement. “For over 20 years, he has built ACS into a regional leader, and we understand his desire to continue his current path. We have no doubt that ACS will continue to do great things.”

Atlanta-based ACS is a distributor and supplier of tilt-up construction products that NSCS identified as a strong fit for the company’s business strategy.

“As the deal got closer, it was apparent to me that this was not the right time to sell ACS,” said Jason Retuer, president and CEO of ACS. “My customers and associates feel strongly that we are on a great path and selling the business, at this time, would be an unnecessary decision. I still firmly believe that New South is the right buyer for ACS, when the time is right for us to sell.”

Greenville, S.C.-based NSCS distributes concrete construction products to commercial and residential general contractors and subcontractors. The company specializes in concrete and masonry accessories, rebar and wire mesh, tilt-up construction, waterproofing materials, and other construction products for commercial and residential projects. The company operates locations in South Carolina, North Carolina, Georgia, and Florida.