Beacon Roofing Supply Inc BECN announced the acquisition of Silver State Building Materials, Inc. of Nevada on undisclosed terms.
Silver State offers residential rooftops and ancillary products and serves the South Lake Tahoe and Reno markets.
“We are very pleased to welcome customers and employees to Silver State. Our focus for the next chapter of this business will be on the customer experience, including tools like Beacon PRO+ to help our contractors build more,” said Nevin Holly, regional vice president of Beacon, Pacific.
The acquisition is consistent with Beacon’s 2025 goals to drive above-market growth.
Year to date, in 2023, the company has completed four acquisitions and opened five new locations to expand its store footprint.
Last month, BECN reported revenue of $1.73 billion for the first quarter of 2023, missing the consensus of $1.79 billion.
As of March 31, 2023, the Company had cash and cash equivalents of $74.2 million.
price action: BECN shares are trading up 1.35% at $74.34 at last check on Monday.
www.benzinga.com
https://www.benzinga.com/markets/equities/23/06/32819599/beacon-roofing-expands-in-nevada-through-strategic-buyout
