Beacon Announces Strategic Acquisition of Coastal Construction Products
Beacon (Nasdaq: BECN) (the “Company”) announced today that it has acquired Jacksonville, Florida based Coastal Construction Products (“Coastal”), one of the largest independent distributors of specialty waterproofing products in the U.S., from the Company’s majority owner, Supply Chain Equity Partners (“SCEP”), a leading private equity firm focused on the distribution sector, and members of current and prior management. This is Beacon’s fifth acquisition in the last 12 months, and the third since the launch of its Ambition 2025 goals in February 2022.
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Beacon currently sells waterproofing products throughout its commercial and residential roofing branches as well as 13 specialty waterproofing locations in the Western U.S. Coastal has 18 locations dedicated to waterproofing serving the Southeast and Midwest. The resulting combination, a new platform for future growth, creates an unparalleled opportunity to leverage a coast-to-coast footprint to better serve customers locally, regionally, and nationally, including in storm-exposed regions where waterproofing is essential to protecting buildings, adapting to stricter building codes and meeting heightened maintenance standards. Beacon’s new specialty waterproofing division will be led by Coastal’s CEO, Martin Harrell.
“SCEP has been a great partner and we are grateful for their help in achieving our Vision 2025,” commented Mr. Harrell. “They allowed us to grow much faster than we could have done on our own by funding and supporting our internal growth initiatives as well as fast-tracking our greenfield and acquisition program. Now, the entire Coastal team is excited to be joining Beacon. This partnership allows us to bring our customers the benefits of Beacon’s North American footprint and specialized capabilities designed to accelerate growth and enhance profitability. The team and I believe partnering with Beacon provides the best opportunity to continue to build on our 45-year history and bring additional value to customers.”