Cumming, GA — Carolina Atlantic Roofing Supply LLC ("CARS") has announced the successful acquisition of Mid Atlantic Roofing Supply Inc. ("MARS") with financing provided by TCW Asset Management Company LLC ("TCW") and PNC Bank, N.A. ("PNC"). Legacy FocalPoint Partners, now B. Riley Securities ("B. Riley"), served as co-advisor to CARS on the transaction, along with Statesman Corporate Finance of Houston, Texas.
Carolina Atlantic Roofing Supply is a leading building materials wholesaler, distributing a comprehensive suite of roofing products to customers across the southern United States. Founded in 1974, the company's two original branches were acquired in 2019 by an experienced management team that rapidly grew the footprint through a series of acquisitions and greenfield expansions to include eight branches across six states. The acquisition of Mid Atlantic Roofing Supply creates one of the largest independent pure-play roofing distributors in the United States.
"B. Riley's team analyzed the growth trajectory and demonstrated its sustainability to the market, allowing us to identify potential partners that understood the rapid increase in historical performance and provided the flexibility to support future growth. We are excited to partner with TCW and PNC as we enter the next stage of our growth," said Tim Perryman, CEO at CARS.
"CARS's highly experienced and entrepreneurial management team enabled us to market an outstanding and well-run company which is positioned for substantial growth. We look forward to seeing CARS enjoy great success with the support of TCW and PNC," added Michael Brill, Managing Director at B. Riley
About Carolina Atlantic Roofing Supply
Founded in 1974, Carolina Atlantic Roofing Supply is a two-step wholesaler, working exclusively with established building supply retailers. While the company began primarily as a commodities distributor, in recent years they have concentrated their efforts on becoming the most trusted, two-step distributor in the country. The solid foundation, commitment to excellence in customer service, and a strong desire to see customers grow their business is propelling the company towards a bright and exciting future.
About TCW Asset Management Company
TCW Asset Management Company specializes in providing senior secured loans to middle market borrowers across a wide spectrum of industries. The group partners with business owners, management teams, financial intermediaries, and asset-based lenders to arrange customized financing solutions. The group has extensive experience working with both private equity sponsored and non-sponsored companies, including family-owned businesses, small-cap public companies, employee-owned firms and other non-traditionally owned businesses. TCW Direct Lending takes a highly individualized and creative structuring approach to address the unique challenges and opportunities of each transaction. For more information, please visit www.tcw.com.
About PNC Bank, N.A.
PNC Business Credit is the business operated by PNC Bank, N.A. as its asset-based lending arm. Headquartered in New York with offices nationwide, PNC Business Credit is an asset-based lending service, with more than $10 billion in commitments. PNC Business Credit specializes in providing secured financing to middle market companies in the manufacturing, wholesale, distribution, retailing, and service industries, many of which have substantial overseas operations. PNC Business Credit enables clients to leverage the value of their assets and cash flow to achieve both short- and long-term goals, including working capital growth, mergers and acquisitions, recapitalizations and restructurings, and turnarounds. To learn more, please visit www.pnc.com.
B. Riley Securities is a leading investment bank that provides a full suite of investment banking, corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring, and recapitalization. The firm is nationally recognized and highly ranked for its proprietary small-cap equity research. B. Riley Securities is a wholly owned subsidiary of B. Riley Financial. For more information, visit brileysecurities.com.
Please contact Michael Brill, Managing Director, at 646-343-9848 for more information regarding this transaction.