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Beacon (Nasdaq: BECN) announces the opening of 26 new branches in Georgia, Illinois, Iowa, South Carolina, and Texas in 2023 to serve residential roofing, commercial roofing, and waterproofing contractors. Beacon has opened new locations in Austell, GA, Marquette Heights, IL, Des Moines, IA, North Charleston, SC, and Bastrop, TX. These new branches aim to support the growing population and contractor businesses in these areas, providing roofing and complementary products, as well as specialized waterproofing products for construction projects. Beacon has also completed nine acquisitions in 2023 as part of its Ambition 2025 plan to drive above-market growth and better serve customers.
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Insights
Beacon's announcement of new branch openings across multiple states signifies a strategic expansion, which is likely to influence the company's market presence and financial performance. The establishment of 26 new locations and the completion of nine acquisitions in 2023 are indicative of an aggressive growth strategy under the Ambition 2025 plan. This expansion could potentially increase revenue streams and market share, positively impacting earnings and investor sentiment. However, it is crucial to monitor the associated costs and risks, such as increased operational expenses and the challenge of integrating new acquisitions.
The expansion into high-growth areas, particularly around Atlanta and Austin, demonstrates Beacon's focus on markets with increasing demand for residential and commercial roofing services. By offering a wide product range and digital tools like Beacon PRO+, the company is positioning itself to capture a larger customer base. Yet, competitors may also escalate their efforts in response, which could lead to heightened competition. The industry-specific move to enhance service capabilities in coastal regions with weatherproofing products aligns with the demand for specialized construction materials in areas prone to extreme weather conditions.
Opening new branches strategically located near major interstates and in growing metropolitan areas could streamline Beacon's supply chain and distribution network. This proximity to customers can reduce delivery times and costs, potentially improving profit margins. The reference to the Beacon OTC® network highlights an operational advantage that could enhance customer experience and loyalty. However, supply chain disruptions and fluctuations in construction material costs remain variables that can affect the company's ability to deliver on its service promises and maintain cost efficiency.
-Openings in Georgia, Illinois, Iowa, South Carolina, and Texas
-Beacon customers served by 26 new branches in 2023
HERNDON, Va.--(BUSINESS WIRE)--
Beacon (Nasdaq: BECN) announced today that it has opened new locations in Austell, GA, Marquette Heights, IL, Des Moines, IA, North Charleston, SC and Bastrop, TX to serve residential roofing, commercial roofing and waterproofing contractors.
The new Austell, GA branch is in Metro Atlanta. “This is our tenth branch serving Atlanta area contractors. The population continues to grow west of the city, and we have the residential and commercial roofing products and services to support contractors as they grow their businesses,” commented Lynn France, Beacon’s Regional Vice President, Southeast.
The new branch in Marquette Heights, IL is in Metro Peoria. “We are pleased to begin serving roofing contractors in the Peoria area. Our product range and the opportunity to use Beacon PRO+, our industry leading app, will help busy customers who are on the go,” explained Larry Augello, Beacon’s Regional Vice President, North Central.
The new branch in Des Moines, IA adds a second location to this busy market. “We are excited to be more accessible for customers serving the downtown Des Moines area and have made it easy for them to reach us right off Interstate 235. We have all the roofing and complementary products needed for residential projects,” explained Brett Kinning, Beacon’s Regional Vice President, Northern Plains.
The new branch in North Charleston, SC is dedicated to servicing waterproofing customers. “This location is fully stocked with specialty products and staffed by a technically trained team to assist with projects that require sealants, coatings, air and vapor barriers, and other waterproofing products necessary for construction. With the inherent weather exposure in coastal Georgia and Carolina, I’m thrilled to bring our knowledge and product range to this region,” commented Alan Ridge, Beacon’s Division Vice President, Waterproofing.
The new branch in Bastrop, TX is in the greater Austin area. “This is our sixth location supporting contractors in the fast-growth Austin area. The Beacon OTC® network works very well in this area allowing us to differentiate on service and product range making our customer experience stand above the competition,” commented Peter Lippert, Beacon’s Regional Vice President, Texas.
Beacon has opened 26 new locations and completed nine acquisitions in 2023. Footprint expansion is an important part of our Ambition 2025 plan and we continue to deliver on our commitments to drive above-market growth to better serve 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.
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
FAQ
What is the ticker symbol for Beacon?
The ticker symbol for Beacon is BECN on the Nasdaq stock exchange.
How many new branches has Beacon opened in 2023?
Beacon has opened 26 new branches in 2023.
What is Beacon's Ambition 2025 plan?
Beacon's Ambition 2025 plan aims to drive above-market growth and better serve customers through footprint expansion and acquisitions.
What products and services are the new branches offering?
The new branches are offering residential roofing, commercial roofing, and waterproofing products and services to support contractors in the respective areas.
What are the locations of the new branches opened by Beacon?
The new branches are located in Austell, GA, Marquette Heights, IL, Des Moines, IA, North Charleston, SC, and Bastrop, TX.
