Beacon Roofing Supply acquires residential and commercial roofing products distributor Fowler & Peth, extending presence in Denver market, surrounding states
November 1, 2011
– Beacon Roofing Supply, Inc. (Nasdaq: BECN) ("Beacon" or “the Company”) announced today that it has acquired Fowler & Peth, Inc., a distributor of residential and commercial roofing products and related accessories headquartered in Denver, Colorado. Founded in 1948, Fowler & Peth has six locations in Colorado, two in Wyoming and one in Nebraska and annual sales of approximately $60 million.
Eric (“Ric”) Peth, co-owner of Fowler & Peth, stated: "We are very pleased to be joining a company that also has a long and successful history in roofing distribution. Fowler & Peth was presented with many strategic opportunities, but we 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.” Kurt Peth, co-owner of Fowler & Peth, added: “Joining Beacon will enable Fowler & Peth to grow our business more quickly and presents greater career growth opportunities for our employees. We are excited about our future with Beacon, which shares our core corporate values."
Paul Isabella, Beacon’s CEO and President, emphasized the strategic fit of the acquisition and the compatibility of the two companies and stated, "Fowler & Peth is an industry leader and allows Beacon to expand our presence in the very important Denver market beyond our existing Denver branch and to serve customers in the surrounding states. Fowler & Peth is a key component to Beacon’s westward expansion plans and will be a gateway to further geographic growth for our company. I am thrilled to welcome Fowler & Peth to the Beacon team."
About Beacon Roofing Supply Inc.: Beacon Roofing Supply, Inc. is a leading distributor of roofing materials and complementary building products operating 194 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.