LGP acquires majority of SRS Distribution
Leonard Green & Partners, L.P. (LGP) is now the majority stockholder of SRS Distribution.
Terms of the deal were not disclosed but the transaction involves continued ownership for a group that includes both SRS management and Boston-based Berkshire Partners.
“Today is a very happy day for Ron (Ross), myself, the board of directors, all of our employees and their families, and all of our customer, supplier, and banking partners,” said Dan Tinker, president and CEO of SRS Distribution. “This new partnership with our great friends at Berkshire and our new friends at LGP allows us to execute our five and ten-year plans and to preserve the legacy and heritage that we all have worked tirelessly to create over the last decade.”
The ownership change allows for additional capital to be pumped into SRS for future expansion of its roofing and building products distribution and retail model. Based in Los Angeles, LGP is a private equity investment firm which has raised approximately $25 billion of committed capital since its founding in 1989. The firm has invested in over 90 companies
“SRS is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth,” said Jonathan Seiffer, senior partner of LGP. “Ron, Dan and the entire SRS team have built a very unique distribution platform and we strongly believe that SRS’s best years are ahead. We are thrilled to partner with SRS’s broad group of employee owners and Berkshire to help deliver the next phase of outstanding growth.”
Headquartered in McKinney, Texas, SRS operates 220 locations in 42 states. SRS has excelled at growth in recent months and continued to open new branches while this deal was being hammered out.
Terms of the deal were not disclosed but the transaction involves continued ownership for a group that includes both SRS management and Boston-based Berkshire Partners.
“Today is a very happy day for Ron (Ross), myself, the board of directors, all of our employees and their families, and all of our customer, supplier, and banking partners,” said Dan Tinker, president and CEO of SRS Distribution. “This new partnership with our great friends at Berkshire and our new friends at LGP allows us to execute our five and ten-year plans and to preserve the legacy and heritage that we all have worked tirelessly to create over the last decade.”
The ownership change allows for additional capital to be pumped into SRS for future expansion of its roofing and building products distribution and retail model. Based in Los Angeles, LGP is a private equity investment firm which has raised approximately $25 billion of committed capital since its founding in 1989. The firm has invested in over 90 companies
“SRS is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth,” said Jonathan Seiffer, senior partner of LGP. “Ron, Dan and the entire SRS team have built a very unique distribution platform and we strongly believe that SRS’s best years are ahead. We are thrilled to partner with SRS’s broad group of employee owners and Berkshire to help deliver the next phase of outstanding growth.”
Headquartered in McKinney, Texas, SRS operates 220 locations in 42 states. SRS has excelled at growth in recent months and continued to open new branches while this deal was being hammered out.