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Gladstone Place Partners and Joele Frank are working QXO’s $11B acquisition of Beacon Roofing Supply, which has about 600 branches in the US and Canada.
The deal furthers Greenwich-based QXO’s goal of becoming a leader in the $800B building products distribution industry, according to CEO Brad Jacobs.
Beacon chairman Stuart Randle said the board considered strategic alternatives to QXO’s $124.35 per share offer. It determined that QXO’s bid represented the best deal for shareholders “given the immediate premium and certainty of value in cash it offers, particularly in an uncertain environment,” said Randle.
As part of the transaction, QXO has withdrawn its nomination of 10 independent director nominees for election at Beacon’s 2025 annual meeting, and Beacon has exempted the tender offer from its shareholder rights plan.
Founded in 1928, Herndon, VA-based Beacon specializes in the distribution of roofing and complementary building products, including siding and waterproofing.
QXO provides technology solutions to clients in the manufacturing, distribution and service sectors.
Gladstone Place Partners CEO Steve Lipin and COO Lauren Odell represent QXO.
Joele Frank, Wilkinson Brimmer Katcher has partners Andrea Rose and Ed Trissel; and managing directors Richard Goldman and Woomi Yun handling Beacon.
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