Beacon Announces Acquisition of First Coastal Exteriors

Rhea-AI Summary

Beacon has completed the acquisition of First Coastal Exteriors, LLC, located in Alabama and Mississippi. This acquisition will enhance Beacon's product offerings, including siding and gutter products, bolstering its presence in the Southeast. Beacon aims to leverage First Coastal’s experienced team to serve construction industry customers and expand market opportunities. The move aligns with Beacon’s 'Ambition 2025' growth strategy, focusing on increased scale and service efficiency.

Positive

• Acquisition of First Coastal enhances product offerings in the Southeast.
• Strengthens market presence in Alabama and Mississippi.
• Supports 'Ambition 2025' growth strategy.

Negative

• None.

Strengthens Complementary Line of Business in Southeast

HERNDON, Va.--(BUSINESS WIRE)-- Beacon (Nasdaq: BECN) (the “Company”) announced today that it has completed the acquisition of First Coastal Exteriors, LLC (“First Coastal”) with locations in Mobile, Alabama and Pearl, Mississippi. First Coastal distributes complementary residential and commercial building products including siding, gutter products, and windows.

“The First Coastal team has expertly served construction industry customers for decades,” commented Gary Miller, owner of First Coastal. “We are very pleased to join Beacon and continue to serve our loyal customers with the benefits of Beacon’s scale and service model.”

“We are thrilled to welcome First Coastal employees and customers,” commented Lynn France, Beacon’s Regional Vice President, Southeast. “Our joint resources in the Alabama and Mississippi markets will broaden the product offering, allowing customers to grow their businesses while expanding career opportunities for all employees.”

“This acquisition is another exciting addition as we continue to expand our footprint and drive toward achieving our Ambition 2025 growth targets,” added Munroe Best, Beacon’s President of the South Division.

Forward-Looking Statements

This press release contains information about management’s view of Beacon’s future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. In addition, the forward-looking statements included in this press release represent Beacon’s views as of the date of this press release and these views could change. These forward-looking statements should not be relied upon as representing Beacon’s views as of any date subsequent to the date of this press release.

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 470 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/20230104005030/en/

INVESTOR 

Binit Sanghvi 

VP, Capital Markets and Treasurer 

Binit.Sanghvi@becn.com

972-369-8005 

MEDIA

Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com

571-752-1048

Source: Beacon

FAQ

What is the purpose of Beacon's acquisition of First Coastal?

The acquisition aims to enhance Beacon's product offerings and market presence in the Southeast, particularly in Alabama and Mississippi.

What products does First Coastal distribute?

First Coastal distributes residential and commercial building products including siding, gutter products, and windows.

How does this acquisition align with Beacon's growth strategy?

The acquisition supports Beacon's 'Ambition 2025' growth targets by broadening product offerings and expanding market reach.

When was the acquisition of First Coastal completed?

The acquisition was announced on January 4, 2023.

What benefits does Beacon expect from this acquisition?

Beacon expects to leverage First Coastal's resources to enhance customer service and expand career opportunities for employees.