Greenville, South Carolina, Sept. 28, 2022 (GLOBE NEWSWIRE) — Blue Sea Capital, LLC (“Blue Sea”) announced today that it has acquired ProSource Supply (“ProSource” or the “Company”) from CID Capital . Terms of the transaction were not disclosed.
ProSource provides plumbing supplies, luxury plumbing fixtures, lighting, and cabinet and door hardware to residential and commercial plumbers, builders, contractors, designers, and owners. The company operates seven showrooms in North Carolina and South Carolina.
ProSource is led by CEO Drew Roberts, a highly respected and experienced plumbing industry executive, who joined ProSource in 2020. Under his leadership, ProSource expanded the company’s management team and completed an acquisition highly strategic, while maintaining its client-centric approach to serving the premises. builders and contractors. Blue Sea’s partnership with ProSource will focus on continuing the company’s organic growth, geographic expansion throughout the Southeast, and accelerating the completion of complementary add-on acquisitions.
“Drew and the ProSource team have done a tremendous job building the company, adding to the legacy of Grover and Tonya Martin who founded ProSource over 25 years ago,” said Eric Hansen, Partner at Blue Sea Capital. “We are thrilled to partner with such an exceptional team and look forward to leveraging our expertise and resources to support ProSource.”
“We are incredibly proud of our customer-focused culture at ProSource and are excited to partner with Blue Sea for our next phase of growth,” Roberts said. “Blue Sea will help us accelerate our growth, both organic and through acquisitions, to further expand our presence in the Southeast while providing our customers with the same exceptional product availability and customer service that we expect. they are used to. We would like to thank CID Capital for its unwavering commitment to our commercial and partnership orientation. It was a pleasure to work with CID.
Eric Bruun, Partner at CID Capital added, “Over the past four years, ProSource has established itself as a leader in the wholesale plumbing industry by providing best-in-class customer service and executing a highly strategic acquisition. We are proud of the company ProSource has become under Drew’s leadership, and wish him and the rest of the ProSource team, and Blue Sea, much success in their next phase of growth.
Raymond James acted as financial advisor and Kirkland & Ellis acted as legal advisor to Blue Sea Capital. TM Capital acted as financial advisor and Ice Miller LLP acted as legal advisor to CID Capital and the Company.
About ProSource Supply
Since 1996, ProSource Plumbing Supply has served the Carolinas providing plumbing supplies, luxury plumbing fixtures, electrical, lighting, and cabinet and door hardware from some of the most reputable brands and manufacturers. Of the industry. Founded by Grover and Tonya Martin, the company started with just four employees in a 13,000 square foot building in Greenville, South Carolina. As one of the few independent plumbing supply organizations upstate, ProSource’s Greenville headquarters now operates from an 86,000 square foot location and employs more than 140 full-time staff. full at seven branches in the Carolinas.
About Blue Sea Capital
Capital of the Blue Sea (www.blueseacapital.com) is a West Palm Beach, Florida-based private equity firm that partners with growth-oriented lower-middle-market companies and their entrepreneurial management teams. The firm has over $750 million in assets under management and invests across three verticals: healthcare, industrial growth, and aerospace and defense. Blue Sea’s strategy is to partner, typically as a first or second institutional investor, with talented managers and differentiated businesses to deliver strategic and operational value that drives accelerated growth, outperformance of industry and business transformation.
Eric Hansen, Capital of the Blue Sea
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