Acquisition Increases GRS' Annual Run Rate To More Than $250Million
FORT LAUDERDALE, Fla., Aug. 25 /PRNewswire/ -- General Roofing Services, Inc. (GRS), the leading national provider of commercial roofing services, announced today that it has acquired Tuckahoe Metal & Roofing, Inc. (Tuckahoe), a privately-held commercial roofing company based in Yonkers, N.Y., a suburb of New York City. Tuckahoe had 1998 revenues of approximately $5.8 million, which are expected to grow to approximately $7.5 million in 1999. Terms of the acquisition were not disclosed.
Gregg Wallick, Chairman and Chief Executive Officer of General Roofing Services, Inc., commented, "Strategically, this acquisition will enable GRS to continue to realize economies of scale and geographic and client diversification. Bringing Tuckahoe into the GRS fold has expanded our market presence into the New York metropolitan area, a new market for the Company. This expanded geographical presence is an important step as we continue to pursue our focused acquisition strategy in the estimated $15 billion U.S. commercial roofing market. As a result of this transaction, we are now well positioned to not only meet the roofing needs of local New York customers but we are also in an excellent position to better service the needs of our growing base of national accounts."
According to Richard Nugent, President of Tuckahoe, "Becoming a part of General Roofing Services offers us the ability to share and incorporate best practices across the entire organization. Having participated in General Roofing's quarterly Presidents' Council meetings, I was impressed with the open discussions and the focus of the group. Specifically, their overall goal of looking for ways to continually improve the organization for its customers, employees and shareholders fits well with our vision at Tuckahoe. We are now part of an incredibly strong group of roofing contractors, and with the added resources a larger organization will be able to provide, we are very excited about Tuckahoe's future."
Wallick went on to say, "We have closed five transactions inthe past two months and our acquisition pipeline continues to grow. Wecontinue to add quality roofing companies to the General RoofingServices family as more and more companies recognize the positivechanges we are bringing to the industry. Going forward, we are confidentthat we will be able to continue to close and effectively integrateacquisitions that meet our criteria. As a result, we expect that GRSwill continue to further its position as the leading national providerof commercial roofing services."
Tuckahoe Metal & Roofing, Inc., was founded in 1950 and provides its construction services to commercial and industrial customers. Richard Nugent is the president of Tuckahoe and has over 20 years experience in the commercial roofing business.
General Roofing Services, Inc. was founded in 1999 through the merger of 17 leading commercial roofing companies with the shared goal of becoming the first nationwide provider of services in the estimated $15 billion commercial roofing industry. The Company offers a broad range of comprehensive roofing services, which include re-roofing, restoration and repair, and new roof construction. GRS also offers maintenance services, which provides recurring revenues and ongoing interaction with its customers. Through an aggressive and focused acquisition program, management's goal is to have operations in all significant markets within the next three years. The Company presently has over 2,500 employees and provides its services through 26 offices in 13 states.