No Deal: NSCS and ACS dissolve acquisition agreement

New South Construction Supply (NSCS) revealed that its agreement to acquire American Contractor’s Supply (ACS) has been dissolved.

NSCS signed a letter of intent to acquire ACS last month. Financial terms of the agreement were not disclosed. 

But ACS President and CEO Jason Reuter has decided now is not the time to sell his company.

In a company statement, NSCS CEO Jim Sobeck and COO Abhi Singh, said, “While we are disappointed that this deal did not reach the finish line, we understand Jason’s (Reuter) change of heart in selling his business.  For over 20 years, he has built ACS into a regional leader, and we understand his desire to continue on his current path.  We have no doubt that ACS will continue to do great things.”

Based in Greenville, S.C., NSCS is a distributor of concrete construction products to commercial and residential general contractors and subcontractors across the Southeast.

ACS, located in Atlanta, Ga., is a distributor and supplier of tilt-up construction products and was a strong fit for NSCS’s business strategy.

“As the deal got closer, it was apparent to me that this was not the right time to sell ACS,” said Jason Reuter, president and CEO of American Contractor’s Supply. “My customers and associates feel strongly that we are on a great path and selling the business, at this time, would be an unnecessary distraction. I still firmly believe that New South is the right buyer for ACS, when the time is right for us to sell.” 

Founded in 1981, NSCS specializes in concrete and masonry accessories, rebar and wire mesh, tilt-up construction, waterproofing materials, and many other construction products for both commercial and residential construction projects. 

Along with its Greenville branch, NSCS opiates locations in West Columbia, Charleston, Myrtle Beach and Hardeeville (Hilton Head Island/Savannah, GA) S.C.; Charlotte, Greensboro, and Garner (Raleigh/Durham), N.C.; Atlanta, Ga.; and Jacksonville, Fla.