BELOIT, Wis., May 11 /PRNewswire/ -- ABC Supply Co. Inc. has signed a definitive agreement to acquire Bradco Supply Corp. The boards of both companies have approved the purchase and expect it to close by the end of June. The transaction is subject to regulatory approvals.
This is ABC's first large acquisition since the untimely death of co-founder Ken Hendricks on Dec. 21, 2007. "The acquisition of Bradco continues the dream that Ken and I both shared since the company's founding in 1982," said Diane Hendricks, ABC Supply's owner, co-founder and Chairman of the Board. "I believe that this is the ideal time for this acquisition as it establishes a strong foundation for our next phase of growth." The acquisition is the largest in ABC's history and the combined company will operate 479 locations in 45 states and the District of Columbia with combined sales of over $4 billion.
"Since its founding by Barry Segal in 1966, Bradco has been recognized for world-class customer service. We feel fortunate and appreciative to have the opportunity to bring its 129 branches together with ABC Supply," said David Luck, ABC Supply's President and Chief Executive Officer. "We look forward to welcoming the Bradco team into the ABC family. We are confident that this combination will greatly improve our customer service and create enhanced opportunities for both companies' associates."
About Bradco Supply Corp.
Headquartered in Avenel, N.J., Bradco Supply Corp. operates 129 branches in 30 states with sales of approximately $1.5 billion in 2009. The company was founded in 1966 by Barry Segal and was an innovator in the building supply industry. More information about Bradco is available online at www.bradcosupply.com.
About ABC Supply Co. Inc.
Headquartered in Beloit, Wis., ABC Supply was founded by Ken and Diane Hendricks in 1982 and operates more than 350 branches in 45 states and the District of Columbia. The privately held company had sales of approximately $2.6 billion in 2009 and is a four-time winner of the Gallup Great Workplace Award (2007-2010). In addition, ABC operates the ABC Supply Catalog Division and the Town & Country Division as well as several affiliate companies, including Amcraft Building Products Co. Inc. (vinyl siding and window products), American Construction Metals (metal roofing systems), Mule-Hide Manufacturing (dry-felt and facer), Mule-Hide Products Co. Inc. (low-slope roofing systems), Stone Metal Products (metal roofing and other building products) and Vande Hey Raleigh (roof tile). More information is available online at www.abcsupply.com.
SOURCE ABC Supply Co. Inc.