October 14, 2022: Indianapolis-based private equity firm CID Capital II, Inc. (“CID”) announced that it has recently completed the sale of ProSource, LLC (“ProSource”) to Blue Sea Capital. Terms of the deal 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.
ProSource is led by CEO, Drew Roberts, a highly respected and experienced plumbing industry executive recruited by CID early in the partnership. Under Drew’s guidance, ProSource expanded the Company’s leadership team and completed a highly strategic acquisition while maintaining its customer-centric approach servicing local builders and contractors.
Eric Bruun 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.”
CID, who focuses exclusively on partnering with founder-owned businesses, originally partnered with the founders of ProSource, Grover and Tonya Martin, in July 2018. Cory Heck commented, "Grover and Tonya Martin built a terrific business that we were lucky to be a part of. From our first meeting with the Martin's to the day we exited, I believe CID met all of their personal, professional and financial objectives."
Eric Bruun and Cory Heck led the investment for CID.
TM Capital acted as the financial advisor and Ice Miller, LLP acted as the legal counsel for CID.
ProSource is headquartered in Greenville, SC, with seven total branches throughout North and South Carolina. The Company is a value-added distributor of plumbing, bathroom, kitchen, lighting and related products serving the residential construction and remodel markets.