Leonard Green & Partners and Berkshire Partners Complete Sale of SRS Distribution for $18.25 Billion
18 Junio 2024 - 10:14AM
Business Wire
Leonard Green & Partners and Berkshire Partners today
announced the closing of the sale of SRS Distribution Inc. ("SRS"),
a leading distributor of residential and commercial building
products in the United States, to The Home Depot for $18.25
billion. The acquisition was previously announced on March 28,
2024.
“We are extremely proud of our work with SRS and are honored to
have been part of this chapter in the organization’s incredible
expansion,” said Jonathan Seiffer, Senior Partner, Leonard Green
& Partners. “We appreciate the relentless dedication of CEO Dan
Tinker and the SRS team, and we look forward to the continued
success of SRS as it joins The Home Depot family.”
“During Berkshire’s 11 years as an investor in SRS, the company
honed its unique culture to attract, develop, and retain top-tier
talent within the industry,” said Josh Lutzker, Managing Director,
Berkshire Partners. “Our partnership with CEO Dan Tinker and the
entire SRS leadership team was very rewarding, as we worked
together to scale the business into one of the leading distributors
of building products in the United States.”
Berkshire Partners invested in SRS in 2013 and sold a majority
stake in the business to Leonard Green & Partners in 2018. Both
firms played a key role in supporting the growth of SRS, including
entering multiple new trade verticals and the expansion of SRS
branches across the country.
Since the company’s inception, SRS has prioritized broad-based
equity incentives and ownership to create meaningful financial
opportunities for its employees. These initiatives had the full
support of Leonard Green & Partners and Berkshire Partners, who
are both members of Ownership Works, a nonprofit organization that
partners with companies and investors to provide all employees with
the opportunity to build wealth through their career.
About LGP
LGP is a leading private equity investment firm founded in 1989
and based in Los Angeles with over $75 billion of assets under
management. The firm partners with experienced management teams and
often with founders to invest in market-leading companies. Since
inception, LGP has completed over 150 investments in the form of
traditional buyouts, going-private transactions, recapitalizations,
growth equity, and selective public equity and debt positions. The
firm primarily focuses on companies providing services, including
consumer, healthcare, and business services, as well as
distribution and industrials. For more information, please visit
www.leonardgreen.com.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector
specialist investor in private and public equity. The firm’s
private equity team invests in well-positioned, growing companies
across services & industrials, technology & communications,
consumer, and healthcare. Since inception, Berkshire Partners has
made more than 150 private equity investments and has a strong
history of collaborating with management teams to grow the
companies in which it invests. The firm's public equity group,
Stockbridge, founded in 2007, manages a concentrated portfolio
seeking attractive long-term investments. For additional
information, visit www.berkshirepartners.com.
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Berkshire Partners 617-316-6260 berkshirepartners.com