PEABODY, Mass.--(BUSINESS WIRE)--Oct. 14, 2005--Beacon Roofing
Supply, Inc. (Nasdaq: BECN) ("Beacon" or the "Company") announced
today that it has completed its previously announced acquisition of
Shelter Distribution, Inc. ("Shelter"), a leading distributor of
roofing and other building products headquartered in McKinney, Texas.
Shelter currently operates 50 branches in 14 states throughout the
Midwest, Central Plains and Southwest regions of the United States.
The purchase price paid was approximately $170.3 million in cash,
including transaction costs and an adjustment for changes in working
capital and other items since the announcement of the acquisition. The
adjustment was primarily a result of Shelter's seasonal working
capital changes, and is subject to a post-closing review. Based upon
Shelter's future performance, their stockholders may also qualify for
an earn-out payment.
Beacon has also finalized the refinancing of its credit facility
to provide for sufficient credit to fund the purchase price and
acquisition costs.
Robert Buck, CEO of Beacon, stated, "We are pleased to announce
the consummation of the Shelter acquisition and we look forward to an
efficient and smooth integration. The combining of our talented
employees has resulted in a powerful presence in the building supply
industry."
About Beacon Roofing Supply, Inc.:
Beacon Roofing Supply, Inc., a leading distributor of roofing
materials and complementary building products, now operates 134
branches in 28 states in the Northeast, Mid-Atlantic, Southeast,
Midwest, Central Plains and Southwest regions of the United States and
in Eastern Canada.
Forward-Looking Statements:
This release contains information about management's view of the
Company's future expectations, plans and prospects that constitute
forward-looking statements for purposes of the safe harbor provisions
under The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including, but not limited to, those set forth in the "Risks Relating
to Our Business and Industry" section of the Company's latest Form
10-K. In addition, the forward-looking statements included in this
press release represent the Company's views as of the date of this
press release and these views could change. However, while the Company
may elect to update these forward-looking statements at some point,
the Company specifically disclaims any obligation to do so other than
as required by federal securities laws. These forward-looking
statements should not be relied upon as representing the Company's
views as of any date subsequent to the date of this press release.
CONTACT: Beacon Roofing Supply, Inc.
Dave Grace, 978-535-7668
CFO
SOURCE: Beacon Roofing Supply, Inc.