WEST PALM BEACH, FL – 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.”
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.
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.
Blue Sea Capital is a private equity firm based in West Palm Beach, Florida that invests in growth-oriented lower middle market companies valued up to $500 million. The firm has over $1.5 billion in assets under management 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.
