Stable and above-average EBITDA margins compared to other roofing and building products distributors. Third largest roofing distributor in the U.S., operating in a highly competitive and fragmented industry. Narrow product focus, limited to residential roofing materials, with some exposure to cyclical construction cycles and unpredictable weather patterns. Limited geographic and end-market diversity. Financial sponsor owned, with a history of debt-financed transactions, including acquisitions and dividends, causing leverage to periodically spike above 5x. Expected debt to EBITDA leverage of about 4.5x by the end of fiscal 2018, after factoring potential dividends and acquisitions. Expected EBITDA interest coverage of 4x by the end of fiscal 2018. Low capital spending requirements and favorable debt maturity schedule with closest maturity in 2022. The outlook
