Less than three weeks after a deal was announced, Greenville, South Carolina-based New South Construction Supply said an agreement to acquire American Contractor’s Supply has been terminated.
Jason Reuter, president and CEO of American Contractor’s Supply, decided not to sell his company, New South said.
“While we are disappointed that this deal did not reach the finish line, we understand Jason’s change of heart in selling his business,” Jim Sobeck and Abhi Singh, CEO and chief operating officer of New South, said in a statement. “For over 20 years, he has built ACS into a regional leader, and we understand his desire to continue on his current path. We have no doubt that ACS will continue to do great things.”
Reuter commented, “As the deal got closer, it was apparent to me that this was not the right time to sell ACS. My customers and associates feel strongly that we are on a great path and selling the business, at this time, would be an unnecessary distraction. I still firmly believe that New South is the right buyer for ACS, when the time is right for us to sell.”