The private equity firm Leonard Green & Partners (LGP) today became majority stockholder of SRS Distribution, the nation's ninth-biggest pro-oriented construction supply dealer, in a deal that will see former majority owner Berkshire Partners keep a stake along with management.

"We set out to find our next growth partner earlier this year and we believe we have landed on a dream outcome," president and CEO Dan Tinker said in a news release. "This new partnership with our great friends at Berkshire and our new friends at LGP allows us to execute our five- and 10-year plans and to preserve the legacy and heritage that we all have worked tirelessly to create over the last decade."

A Reuters report last month valued the deal at $3 billion, including the assumption of debt. Today's news release didn't reveal any terms.

Founded in 2008, McKinney, Texas-based SRS is one of the nation's fastest-growing construction supply companies, adding 30 locations in 2017 alone. Since then, it bought a dealer in Omaha, Neb., and opened greenfield locations in Florida, Virginia, and Washington state.

The roofing specialist's sales rose 20% last year to $2.31 billion, with 99% of those sales going to pros. SRS now has more than 200 locations in 41 states operating under the names of nearly two dozen subsidiaries.

LGP's website says that the firm, headquartered in Los Angeles, has invested in more than 90 companies since it started business in 2009. Its current portfolio includes BJ's Wholesale, Aspen Dental, J. Crew, David's Bridal, The Container Store, and Tire Rack.

“SRS is precisely the type of company in which we like to invest," LGP senior partner Jonathan Seiffer said in the SRS news release. "We value companies that win with people, a differentiated culture, and multiple levers for growth."