PEABODY, Mass.--(BUSINESS WIRE)--
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: 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.
BECN-F
Beacon Roofing Supply, Inc.
David Grace, 978-535-7668 x14
CFO
dgrace@beaconroofingsupply.com.
Source: Beacon Roofing Supply, Inc.
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