Roofing Seo Company to Pay $100 Million for U.S. Business
The roofing giant Roofing Systems, based in Boston, has announced plans to acquire the U.K.-based company Seo and invest $100 million in the company.
The investment will be made in a “strategic acquisition” of Seo, the company said in a press release Thursday.
The deal will be valued at approximately $1 billion, according to the company, which has about 2,300 employees.
Seo was founded in 2001.
Roofing said it would continue to operate as an independent company under the new ownership, which will be called Roofing Solutions Group.
“Roofing has a history of growth and innovation in a range of areas including energy efficiency, sustainability, renewable energy and industrial solutions,” said Chris Sorensen, the head of global marketing at Roofing.
“We have a strong history of investing in companies in the U, Europe and Asia.
We are very pleased to join the Roofing group.”
The company also announced plans for the creation of a new business unit in London, which it said would help “continue to invest in new products and processes, and continue to support its core customers.”
The deal comes just a few weeks after the company announced plans in August to merge with a smaller, London-based company, RSI.
RSI said Thursday that it has retained more than $20 billion in debt.
“It’s an exciting time to be in London,” said John D. Boulton, chief executive of RSI, which is headquartered in London.
“This is the first step in a much bigger process of growing our company.
We have lots of big things to be able to announce and we are committed to building a world-class technology company.”
Roofing has been looking for a buyer for more than two years, according the company’s website.
“The acquisition of Seolab will accelerate our long-term growth,” said RSI Chief Executive Peter G. Wills in a statement.
“Together we will deliver the best roofing solutions for the residential market and we will continue to drive innovation in our industry and in the broader roofing market.”
RSI has already acquired several other companies including HomeAway, a global home-improvement services company, as well as a solar panel manufacturer.