Beacon Roofing Supply, Inc. (Nasdaq: BECN) ("Beacon") announced today that it has reached an agreement to acquire Cassady Pierce Company (“Cassady Pierce”)
a distributor of residential and commercial roofing products and related accessories headquartered in Pittsburgh, Pa. Founded in 1947, Cassady Pierce has six locations in the Pittsburgh area and annual sales of approximately $52 million. Closing on the transaction is expected on May 31, 2012 simultaneously with the execution of a definitive purchase agreement.
Dennis Kelleher, Cassady Pierce’s owner, stated "I am pleased to pass the torch to Beacon, which will allow Cassady Pierce to continue its excellent history of customer service, expand its product offering and allow for continued profitable growth. I was presented with many strategic opportunities, but I chose to align with Beacon not only because of its size and reputation in the industry but because it shares our belief that success comes from hard work and a commitment to your employees and customers.” Bill Vernal, who will remain as Cassady Pierce’s President and become part of Beacon's regional management team, added "Joining Beacon will enable us to grow our business and presents greater opportunities for our employees and customers. I look forward to leading our dedicated, experienced and knowledgeable staff as we join forces with Beacon in Western Pennsylvania. We are very excited about our future with Beacon."
Paul Isabella, Beacon’s CEO and President, emphasized the strategic fit of the acquisition and the compatibility of the two companies and stated, "Cassady Pierce is an industry leader in Western Pennsylvania and allows Beacon to expand our presence in that very important market beyond our existing North Coast Pittsburgh branch. Dennis Kelleher and Bill Vernal have built a great team and I am thrilled to welcome Cassady Pierce to the Beacon family."
About Beacon Roofing Supply Inc.: Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products operating 193 branches in 38 states in the United States and across Canada. Website:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Beacon Roofing Supply Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.