SRS Acquisition Corporation Announces Expansion into the Midwest through the Acquisition of Wilson Wholesale Supply Company, Inc.
SRS Acquisition Corporation ("SRS" or "the Company") announced today that it has recently signed a letter of intent to acquire Wilson Wholesale Supply Company, Inc. ("Wilson"), a leading distributor of roofing and other building products in the Chicago market. Wilson, a third generation family-owned company, was founded in 1954 and currently operates two locations and employs 46 people.
Wilson has developed a strong local brand that SRS will continue to use locally which was built on decades of providing excellent customer service to its very loyal customer base. The company is well diversified in new construction and re-roof segments of residential roofing along with strength in commercial roofing, vinyl and fiber cement siding, windows, decking and other related exterior building products.
The transaction is structured as an asset purchase and is expected to close on July 18th, 2008. SRS anticipates as part of Wilson's ongoing consolidation plan that at the time of the acquisition they will have already consolidated their two operations into the more centrally located Naperville, location. Both owners of Wilson, Bill Wilson and Everett Wilson Jr., will be joining SRS in leadership positions which will ensure continuity and consistency for the customers, employees and suppliers of this very important operating unit.
Ron Ross, President and Chief Executive Officer of SRS Acquisition Corporation, commented, "We are very excited to enter the third largest market in the country by acquiring a market leader with the rich history and heritage that Wilson Wholesale enjoys. Wilson represents a beach-head position for us in the Midwest and an ideal platform to accelerate our growth in this part of the country. More importantly, Wilson brings a very talented sales team, management team, and a dedicated employee base to the Company."
Bill Wilson, owner of Wilson, stated, "Our team could not be happier to be joining forces with SRS, a leading industry consolidator, which will complement our strengths and bring additional resources to take Wilson to the next level. We are looking forward to growing Wilson into a market leader throughout the Midwest in the coming years. We chose to partner with SRS due to the track record of its management team, the entrepreneurial environment that will allow us to preserve our local feel and the opportunities for our employees over the long term."
Headquartered in McKinney, TX, SRS Acquisition Corporation is a building products distribution holding company and currently operates 8 locations in Florida under the Suncoast Roofers Supply name. SRS is a portfolio company of AEA Investors, LLC.