Beacon Acquires Garvin Construction Products

Rhea-AI Summary

Beacon completes acquisition of waterproofing distributor Garvin Construction Products, expanding its building envelope capabilities. Beacon's Ambition 2025 plan to grow above market is on track with eight acquisitions and 16 new locations opened in 2023.

Positive

• Expansion of building envelope capabilities through acquisition
• Continued growth and expansion in line with Ambition 2025 plan

Negative

• None.

Beacon emerging as a national leader in specialty waterproofing

HERNDON, Va.--(BUSINESS WIRE)-- Beacon (Nasdaq: BECN) (and its affiliates, the “Company”) announced today that it has completed the acquisition of waterproofing distributor Garvin Construction Products (“Garvin”) based in Medford, MA with four additional locations in North Haven, CT, Beltsville, MD, Carlstadt, NJ, and Long Island City, NY.

Garvin Construction Products (Graphic: Business Wire)

For over 70 years Garvin has served design professionals, contractors and owners with complete building envelope solutions including waterproofing, restoration, glass, tinting and glazing. “Joining Beacon and its growing waterproofing division will enable us to continue serving our loyal customers and provide them additional products and services,” commented George Bukuras, Garvin’s President & CEO. “I have the utmost confidence that our employees and customers will thrive with Beacon. This next step for our family-built business will allow it to grow and contribute to Beacon’s Ambition 2025,” added Brendan Garvin, Sr., Garvin’s Chairman of the Board.

“We are grateful that the Garvin family has trusted Beacon with the ownership of Garvin Construction Products, and we wholeheartedly welcome Garvin’s employees and customers to the Beacon team. The customer focus and technical expertise that enabled Garvin to thrive for seven decades is an ideal match for our values and mission,” said Martin Harrell, Beacon’s Waterproofing Division President. “Today’s building environment requires resiliency solutions for new construction and restoration projects. From products for the roof to the building exterior to below grade, Beacon is very well positioned to support contractors nationwide.”

Beacon’s building envelope capabilities are national following the acquisition of Coastal Construction Products and Whitney Building Products in 2022, which added to the Company’s leading footprint for residential and commercial waterproofing products and expertise.

In line with our Ambition 2025 plan to grow above market by expanding our footprint and complementary product offering, Beacon has completed eight acquisitions and opened 16 new greenfield locations to date in 2023. Since launching the plan, more than 70 additional locations are serving Beacon customers.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of nearly 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT®, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231002792693/en/

INVESTOR CONTACT

Binit Sanghvi

VP, Capital Markets and Treasurer

Binit.Sanghvi@becn.com

972-369-8005

MEDIA CONTACT

Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com

571-752-1048

Source: Beacon