Leonard Green & Partners and Berkshire Partners Complete Sale of SRS Distribution for $18.25 Billion
LOS ANGELES & BOSTON--(BUSINESS WIRE)--June 18, 2024--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240618517493/en/
CONTACT: Berkshire Partners
617-316-6260
berkshirepartners.com
(END) Dow Jones Newswires
June 18, 2024 11:22 ET (15:22 GMT)
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