Beacon Roofing buys Independent Building Materials

(AP) — Beacon Roofing Supply Inc. said Friday that it purchased Independent Building Materials for an undisclosed sum in an attempt to penetrate the Orlando, Fla., market and broaden its Florida presence.

IBM, which is based in Orlando, is a distributor of mostly on roofing systems and related accessories.

Co-founder Rick Stiskin will continue as IBM's general manager, while co-founder Dennis Booth plans to retire.

Shares of Beacon, which distributes roofing materials and building products, rose 14 cents to $17.13 in morning trading.