Berkshire Partners has acquired a majority interest in SRS Distribution from AEA Investors.
Members of the SRS management team will remain significant investors in the business. Terms of the transaction have not been disclosed.
SRS is the fourth largest residential roofing distributor in the US. The company’s national network of independent distributors delivers products and services to professional roofing contractors. Founded in 2008, SRS has grown rapidly through organic same-branch sales growth, new branch openings and acquisitions.
Ron Ross, chairman and chief executive officer of SRS, says: “We have had a very successful and rewarding past five years with our partners at AEA, and we look forward to our next chapter of growth with Berkshire Partners. In Berkshire, we have found another well-capitalized and like-minded partner that shares our strategic vision for SRS.”
“SRS is led by a talented management team whose entrepreneurial culture and focused execution have led to outstanding growth since its founding,” says Josh Lutzker (pictured), managing director of Berkshire Partners. “The company is well-positioned to continue this growth and we look forward to partnering with Ron and the rest of the SRS team in the years ahead.”
Financing for the transaction was provided by UBS Investment Bank, Barclays and Crescent Capital Group. UBS Investment Bank and Barclays also acted as financial advisors for the buyers. Weil, Gotshal & Manges acted as legal counsel for the buyers.
