SRS Acquisition Corporation Announces the Expansion into the Pacific Northwest through the Acquisition of Stoneway Roofing Supply, Inc.
SRS Acquisition Corporation ("SRS" or "the Company") announced today that it has closed its acquisition of Stoneway Roofing Supply, Inc. ("Stoneway"), a leading distributor of roofing materials in the Pacific Northwest. Stoneway, a privately-owned company with headquarters in Seattle, Washington, was founded in 1924 and employs 90 people. Stoneway currently operates five locations - four locations in the Puget Sound area of Washington State and one in the Portland, Oregon market.
Stoneway's company vision is centered upon high profitability and operational safety. Profit success is built around marketing high-end premium and super-premium shingles to re-roof contractors by way of state-of-the-art rooftop delivery equipment, a web-based contractor referral system, homeowner-friendly showrooms and a seasoned sales force. The Oregon branch also operates a drop-box delivery and recycling service for contractor roofing tear-off jobs.
Stoneway is led by a management team, consisting of: VP-General Manager, Lonnie Peterson, VP-Sales, Pat Hughes, and VP-Controller Cathy Sanders, all of whom will be joining SRS in leadership positions. Dean Heathcote, Stoneway's owner, will be staying on in an advisory capacity for a transition period to ensure continuity for customers, employees and suppliers. The transaction is structured as an asset purchase and SRS intends to operate the five locations as a stand-alone region under the Stoneway Roofing Supply name.
Ron Ross, President and Chief Executive Officer of SRS Acquisition Corporation, commented, "We are very excited to enter the Pacific Northwest by acquiring a market leader with an amazing management team, leading edge use of technology, a commitment to safety and a group of very devoted employees. Stoneway marks the rapid evolution of SRS into a national company by establishing a coast to coast and border to border footprint. More importantly, Stoneway is one of the most operationally sound companies in our industry and has many best practices we intend to lever across our rapidly growing network."
Dean Heathcote, Stoneway's owner, stated, "I have known Ron for over 10 years and have a great deal of confidence that SRS will be great stewards of our company and employees going forward. I wanted to align with a company that allowed all of our employees a fast paced, fun environment where they can continue to grow and flourish. We are looking forward to joining forces with SRS and transforming Stoneway into a market leader throughout the entire Western U.S. in the coming years."
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company that currently operates 18 locations in Florida, Georgia, Texas, Illinois, Washington and Oregon under the names: Suncoast Roofers Supply (FL), Southern Shingles (TX), Rowe Supply (GA), Wilson Wholesale (IL) and Stoneway Roofing Supply (WA/OR). SRS is a portfolio company of AEA Investors, LLC.
