SRS Distribution announced that they have closed on a transaction in which affiliates of Leonard Green & Partners, L.P. will become the majority stockholder of the Company alongside a continuing ownership group that includes both management and Berkshire Partners.
Dan Tinker, President & CEO of SRS Distribution, commented, “Today is a very happy day for Ron, myself, the board of directors, all of our employees and their families, and all of our customer, supplier, and banking partners. We set out to find our next growth partner earlier this year and we believe we have landed on a dream outcome. This new partnership with our great friends at Berkshire and our new friends at LGP allows us to execute our five and ten year plans and to preserve the legacy and heritage that we all have worked tirelessly to create over the last decade. This commitment from LGP is a fitting tribute to all of the hard working and talented teammates that we have the honor to serve alongside in this great company.”
Jonathan Seiffer, Senior Partner of LGP, added, “SRS is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. Ron, Dan and the entire SRS team have built a very unique distribution platform and we strongly believe that SRS’s best years are ahead. We are thrilled to partner with SRS’s broad group of employee owners and Berkshire to help
deliver the next phase of outstanding growth.”