Beacon Roofing Supply, Inc. (Nasdaq: BECN) ("Beacon") announced today that it has reached an agreement to acquire McClure-Johnston Company (“McClure-Johnston”) , a distributor of residential and commercial roofing products and related accessories headquartered in the Pittsburgh suburb of Braddock, Pa. Founded in 1914, McClure-Johnston has 14 locations with eight in Pennsylvania, three in West Virginia, one in Western Maryland and two in Georgia. Annual sales are approximately $85 million. Closing on the transaction is expected on or before November 1, 2012, and is to occur simultaneously with the execution of a definitive purchase agreement.
Brian Hogan, McClure-Johnston’s President stated: "We are very excited to join Beacon, which presents a great opportunity for McClure-Johnston to continue our long tradition of customer service and to expand our product offerings. Both my family and our ownership partners in the Oxenreiter family have known Beacon’s leadership team for many years and easily concluded that of all the possible merger partners in the industry, Beacon best fit McClure-Johnston’s culture of hard work, integrity, and a commitment to employees and customers. I look forward to leading our dedicated and knowledgeable staff as we join forces 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, "For nearly a century, McClure-Johnston has been a leader in the industry. We are very excited that the Hogan and Oxenreiter families chose to align the great company they have built together with Beacon as we continue our expansion in these key markets and beyond. We are very pleased to welcome them and the entire experienced and highly-regarded McClure-Johnston team to the Beacon family."
About Beacon Roofing Supply Inc.: Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products currently operating 210 branches in 38 states in the United States and across Canada. Website: www.beaconroofingsupply.com."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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV