HERNDON, Va.--(BUSINESS WIRE)--Beacon Roofing Supply, Inc. (NASDAQ: BECN), the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, announced today that it has acquired Lowry’s Specialty Distribution (“Lowry’s”), an industry leading distributor of waterproofing, sealants, air barriers and related products, with 11 branches in four states that will continue to operate under the leadership of President Craig Dirickson as Lowry’s, Systems Waterproofing Supply (“SWS”) and Can-Do Supply (“Can-Do”). A family owned and operated business for over 40 years, Lowry’s has 7 branches in California, two in Hawaii and one in both Utah and Arizona. The acquisition of Lowry’s is Beacon’s first entry into Hawaii.
Lowry’s co-owners Keith and Michael Musante, both of whom will remain with the Company, stated: “The entire Lowry’s team is very excited to be joining forces with Beacon, which has demonstrated a strong commitment to growing its existing waterproofing business both organically and through acquisitions of family owned businesses like Lowry’s. Becoming part of a public company with a presence across the entire United States and Canada creates opportunities for Lowry’s to grow our business beyond what we could have done on our own and offers our employees career advancement options that are unique to the distribution industry, all while maintaining the entrepreneurial spirt and brand loyalty to Lowry’s, SWS and Can-Do that we have worked so hard to develop over the last 40 years. I could not be more excited for our future as part of Beacon.”
Paul Isabella, Beacon’s CEO and President, emphasized Beacon’s commitment to growing its waterproofing business and Lowry’s reputation as a market leader and stated: “Lowry’s is a great addition to Beacon and significantly strengthens our existing waterproofing and related complementary products business in the western United States, including our first entry into the Hawaii market. Waterproofing and related products comprise a huge and growing market and present tremendous sales opportunities for Beacon, both to Lowry’s existing customers and through cross-selling to our core roofing contractor base. We are grateful that Keith and Michael Musante and Craig Dirickson chose to continue their careers with us. Craig will have full responsibility for continuing Lowry’s excellent performance and market position as President. The entire Lowry’s, SWS and Can-Do teams will be key players in our continued growth in this important product market and we are thrilled to have them as part of Beacon.”
About Beacon Roofing Supply
Founded in 1928, Beacon Roofing Supply, Inc. is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 384 branches throughout 48 states in the U.S. and 6 provinces in Canada. To learn more about Beacon and its family of regional brands, please visit www.becn.com.
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 provisions under the Private Securities Litigation Reform Act 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 "Risk Factors" section of the Company's latest Form 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.