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Blue Sea Capital LLC (Blue Sea) has announced 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 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 Roberts’ 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,” Roberts said. “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.”
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.