(By Balaseshan) Beacon Roofing Supply Inc. (NASDAQ: BECN) said it has agreed to buy the Pennsylvania-based distributor of residential and commercial roofing products, McClure-Johnston Co., for an undisclosed sum.
Founded in 1914 and headquartered in the Pittsburgh suburb of Braddock, Pennsylvania, McClure-Johnston has 14 locations with eight in Pennsylvania, three in West Virginia, one in Western Maryland and two in Georgia. Annual sales are about $85 million.
"For nearly a century, McClure-Johnston has been a leader in the industry. We are very excited that the Hogan and Oxenreiter families chose to align the great company they have built together with Beacon as we continue our expansion in these key markets and beyond," said Paul Isabella, Beacon's CEO and President.
Closing on the transaction is expected on or before November 1, 2012, and is to occur simultaneously with the execution of a definitive purchase agreement.
Beacon is a distributor of residential and non-residential roofing materials in the United States and Canada. The company also distributes other complementary building materials, including siding, windows, specialty lumber products and waterproofing systems for residential and nonresidential building exteriors.
BECN is trading down 0.60% at $30.01 on Monday. The stock has been trading between $16.72 and $31.15 for the past 52 weeks.