Beacon Roofing Supply, Inc. Completes Shelter Acquisition.PEABODY, Mass. -- Beacon Roofing Supply, Inc. (Nasdaq: BECN (Backward Explicit Congestion Notification) A frame relay message that notifies the sending device that a congestion avoidance procedure should be initiated. See FECN. ) ("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 McKinney is a city in Collin County, Texas (USA), the county seat and second in population to Plano. As of the 2006, the North Central Texas Council of Governments estimated the city population to be 102,853. . Shelter currently operates 50 branches in 14 states throughout the Midwest, Central Plains and Southwest regions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The purchase price paid was approximately $170.3 million in cash, including transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion