M&A Deal Summary

Leonard Green & Partners Acquires SRS Distribution

On April 24, 2018, private equity firm Leonard Green & Partners acquired distribution company SRS Distribution from Berkshire Partners for 3.0B USD

Acquisition Highlights
  • This is Leonard Green & Partners’ 2nd transaction in the Distribution sector.
  • This is Leonard Green & Partners’ 7th largest (disclosed) transaction.
  • This is Leonard Green & Partners’ 65th transaction in the United States.
  • This is Leonard Green & Partners’ 9th transaction in Texas.
Investment Fate
  • SRS Distribution was sold to a publicly-traded strategic buyer in 2024 for 18.3B USD.

M&A Deal Summary
Date 2018-04-24
Target SRS Distribution
Sector Distribution
Buyer(s) Leonard Green & Partners
Sellers(s) Berkshire Partners
Deal Type Secondary Buyout
Deal Value 3.0B USD

Target

SRS Distribution

McKinney, Texas, United States
website
SRS Distribution is a distributor of residential roofing materials and supplies in the U.S. SRS has over 160 branches in more than 40 states serving a diverse group of roofing contractors, home builders, and retailers. SRS Distribution was founded in 2008 and is based in McKinney, Texas.

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Buyer(S) 1

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 70 of 88
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 25 of 40
State (Texas) 9 of 14
Country (United States) 65 of 81
Year (2018) 2 of 5
Size (of disclosed) 7 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-31 Tourneau

New York City, New York, United States

Tourneau, Inc. is a luxury watch retailer in the United States with 28 retail locations across 10 states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-11 Packers Sanitation Services

Mt. Pleasant, Iowa, United States

PSSI is a provider of outsourced cleaning services to the beef, pork and poultry processing industries. PSSI also cleans other specialized food preparation plants including those that process salads and pizza toppings. PSSI has grown rapidly due to increased outsourcing of cleaning services and added focus on food safety.

Sell -

Seller(S) 1

SELLER

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 51 of 60
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 16 of 16
State (Texas) 5 of 6
Country (United States) 44 of 51
Year (2018) 1 of 4
Size (of disclosed) 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Precision Medicine Group

Bethesda, Maryland, United States

Precision Medicine Group is a specialized services company supporting next-generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. Precision Medicine Group was founded in 2012 and is based in Bethesda, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-14 Rockport

Canton, Massachusetts, United States

Rockport is a designer and marketer of high-quality comfort footwear for men and women. Rockport was founded in 1971 and is based in Canton, Massachusetts.

Sell -
Mergr

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