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Southeast HVAC News
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Blue Sea Capital Acquires ProSource,
a Leading Provider of Plumbing Supplies. |
Blue Sea Capital, LLC announced that
it has acquired ProSource Supply 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 focused plumbers, builders, contractors, designers, and
homeowners. The Company operates seven showroom locations across
North and South Carolina.
ProSource is led by CEO Drew Roberts, a highly respected and
experienced plumbing industry executive, who joined ProSource in
2020. Under Drew’s leadership, ProSource has expanded the Company’s
leadership team and completed a highly strategic acquisition while
maintaining its customer-centric approach servicing local builders
and contractors. Blue Sea’s partnership with ProSource will focus on
continuing the Company’s organic growth, expanding geographically
throughout the Southeast, and accelerating the completion of
complementary add-on acquisitions.
“Drew and the team at ProSource have done a tremendous job growing
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
outstanding 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,” stated Drew Roberts. “Blue Sea will help us
accelerate our growth, both organically and through acquisitions, in
order to further expand our presence throughout the Southeast while
providing our customers with the same exceptional product
availability and customer service to which they are accustomed. We
would like to thank CID Capital for their unwavering commitment to
our business and partnership orientation. It has been a pleasure to
work with CID.”
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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
offering best-in-class service to customers and executing on a
highly strategic acquisition. We are proud of the company that
ProSource has become with Drew’s leadership, and wish him and the
rest of the ProSource team, as well as Blue Sea, much continued
success in their next phase of growth.”
Raymond James acted as financial advisor and Kirkland & Ellis acted
as legal counsel to Blue Sea Capital. TM Capital acted as financial
advisor and Ice Miller LLP acted as legal counsel to CID Capital and
the Company.
About ProSource Supply
Since 1996,
ProSource
Plumbing Supply has been serving the Carolinas by providing
plumbing supplies, luxury plumbing fixtures, electrical, lighting,
and cabinet and door hardware from some of the most reputable brands
and manufacturers in the industry. Founded by Grover and Tonya
Martin, the company started out with only four employees in a
13,000-square-foot building in Greenville, South Carolina. As one of
the few independent plumbing supply organizations in the upstate,
ProSource’s headquarters in Greenville now operates from an
86,000-square-foot location and employs over 140 full-time employees
at seven branches in the Carolinas.
About Blue Sea Capital
Blue Sea
Capital is a private equity firm based in West Palm Beach,
Florida, that partners with growth-oriented, lower middle market
companies and their entrepreneurial leadership teams. The firm has
more than $750 million in assets under management and invests across
three industry verticals: healthcare, industrial growth, and
aerospace & defense. Blue Sea’s strategy is to partner, typically as
the first or second institutional investor, with talented managers
and differentiated companies to deliver strategic and operational
value-add that drives growth acceleration, industry outperformance,
and business transformation.
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