Blue Sea Capital Acquires ProSource, a Leading Provider of Plumbing Supplies, from CID CapitalSeptember 26, 2022
Blue Sea Capital, LLC (“Blue Sea”) today 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 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.”
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 (www.blueseacapital.com) 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.
Blue Sea Capital (www.blueseacapital.com) is a private equity firm based in West Palm Beach, Florida, that invests in growth-oriented lower middle market companies with EBITDA of up to $30 million. The firm has over $1.3 billion in committed capital and invests across three industry verticals: aerospace & defense, healthcare and industrial growth. Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.