Gary-Hobart Roofing and Supply is in the final stages of being acquired by a Texas-based building products distribution holding company, according to a news release issued Tuesday.
SRS Distribution Inc., of McKinney, Texas, said it has signed a letter of intent and will soon complete due diligence to buy Gary-Hobart and its two locations in Hobart and Valparaiso. The deal is expected to close Dec. 31. Terms of the deal were not disclosed.
The privately owned Gary-Hobart distributes roofing, siding and windows. The company, founded in 1949, employs 28 people. SRS said the firm is the largest of its type in the region and serves Northwest Indiana, Chicago's south suburbs and southwest Michigan.
Gary-Hobart owners, President Jack Ronneau and Vice President Rod Ruess, are expected to remain employed under the new ownership as well as the remainder of the current team. The name Gary-Hobart Roofing and Supply also will remain the company's name.
Ruess, who will become a minority stockholder in SRS, will be district manager for Indiana and will report to Tim Hanks, SRS’ senior vice president of operations for the firm's east region.
SRS sells roofing and other residential commercial building materials to professional contractors. On its website, the company said "future aggressive growth" throughout the continental U.S. is a core part of its business strategy. SRS has entered 28 states in less than five years since the company was founded. SRS currently operates 84 locations under 19 different brands. SRS is a portfolio company of private equity firm AEA Investors.