Tuff Shed, Inc., of Denver. Colo. has acquired Sheds USA, of Portsmouth. The acquisition creates a new presence in the Northeast for Tuff Shed, and extends its service area to all of the contiguous United States.
According to a statement, the asset purchase of Sheds USA is the latest in a string of milestones for privately-based Tuff Shed. In late 2017, the company sold and installed its one millionth building. It also enjoyed record annual revenue of $268 Million in 2017, thanks to expanding into new markets as well as growing same store sales. In June of this year, Tuff Shed became partly owned by its employees when it launched an Employee Stock Ownership Plan (ESOP).
Sheds USA has been an installed service provider with The Home Depot, and at the time of the acquisition, sold its products in 461 Home Depot stores in the Northeast. Tuff Shed, also an installed service provider in the shed and garage category, will now take over the servicing of those 461 stores, cementing its partnership with The Home Depot and increasing its reach to all 1,946 Home Depot stores in the contiguous U.S.
“Even when I first started Tuff Shed, back in 1981, I could envision a company that provided quality buildings to customers all across the country,” says Tuff Shed founder and President Tom Saurey. “While we’ve had locations coast-to-coast for several years, we haven’t had a presence in the Northeast. Now we do, and I’m delighted to say we service all of the lower 48 U.S. states.”
The Northeast will become Tuff Shed’s sixth region, with the establishment of a regional management team as part of this expansion and integration effort. Sheds USA operations have been based in Portsmouth, and Tuff Shed’s preliminary plan is to continue with some of its operations there.
Tuff Shed expects to transition to its model of more localized production to service the new territory and is working to establish additional manufacturing locations in the area. The company has set preliminary revenue targets for 2019 upward of $350 Million.