Blue Sea Capital announced Sept. 26 that it has acquired plumbing, lighting and residential hardware distributor ProSource Supply from fellow private equity firm CID Capital. Terms were not disclosed.
Greenville, South Carolina-based 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 with over 140 full-time employees.
ProSource is led by CEO Drew Roberts, who joined ProSource in 2020. Blue Sea said its 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 added. “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.”
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.
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.