SRS Acquisition Corporation Announces entry into Georgia and South Carolina with the Acquisition of Rowe Supply, Inc.
SRS Acquisition Corporation ("SRS" or "the Company") announced today that it has completed its acquisition of Rowe Supply, Inc. ("Rowe Supply"), a leading independent distributor of residential and commercial roofing in the Savannah and Hilton Head markets. Rowe Supply, a privately owned company with 14 employees was founded in 1978 and currently operates one location in Savannah, Georgia with a second location in Hilton Head, South Carolina under construction and set to open in early 2009.
Rowe Supply has developed a strong reputation for superior customer service and SRS intends to immediately build on this platform for growth in the Coastal Carolina and Georgia markets. Rowe Supply currently services both the new construction and re-roof segments of the residential and commercial roofing market in the Savannah / Hilton-Head corridor.
The transaction is structured as an asset purchase. The President of Rowe Supply, Pete Rowe, will be transitioning to a consulting role and Jim Lynes will serve as the Regional Manager for this new SRS division which will ensure continuity and consistency for the customers, employees, and suppliers of Rowe Supply.
Dan Tinker, Chief Operating Officer of SRS Acquisition Corporation, stated, "We are very excited to welcome the dedicated employees of Rowe Supply to the SRS team. The Georgia and Carolina coasts are some of the fastest growing markets in the country and Rowe Supply gives us an immediate market leadership position there. Additionally, Rowe Supply provides SRS contiguous geography to our existing Suncoast locations in Florida and will serve as a catalyst for future acquisitions and greenfield locations planned for the Southeast and Mid-Atlantic."
Pete Rowe, President and owner of Rowe Supply, commented, "It is always a hard decision to know when to sell a company that has been family owned and operated for three decades, but SRS represented the very best option to achieve my optimal succession plan. We value that SRS is led by industry veterans who know the business, value people and relationships, make work fun and most importantly have a track record of doing what they say they will do. However, what excites me the most is that our employees will have infinitely more career opportunities going forward with SRS."
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company that currently operates 10 locations in Florida, Texas, and Illinois under the names: Suncoast Roofers Supply (FL), Southern Shingles (TX), and Wilson Wholesale (IL). SRS is a portfolio company of AEA Investors, LLC.
