Diane Hendricks and her husband, Kenneth, founded ABC Supply in 1982, building a roofing-distribution business that expanded nationally and into interior building materials. By its 35th anniversary in 2017, the Beloit, Wisconsin-based company said it had more than 700 locations in 49 states.
At the time, the privately held company was reported to have $7.2 billion in sales for 2016, with roughly $9 billion in revenue projected for 2017. ABC Supply’s historical timeline instead lists more than $8 billion in sales for 2016.
Forbes estimated Hendricks’ net worth at $4.9 billion in 2017, ranking her among the country’s richest self-made women.
Early life and businesses
Hendricks grew up as one of nine daughters in a Wisconsin dairy-farming family. She later credited her work ethic to watching her parents run the farm.
She became pregnant as a teenager and gave birth shortly before turning 18. Hendricks said she completed her senior year of high school at home because she could not attend while pregnant, returning after other students had left to take tests and submit assignments. Her early jobs included waitressing and factory work at Parker Pen.
She subsequently sold custom-built homes, work that introduced her to Kenneth Hendricks. He had left high school and entered the roofing business with his father. After marrying, the couple developed businesses in roofing, rental properties, trucking and wholesale supplies.
Diane remodeled rental properties with her father-in-law, removing walls and installing windows, while Kenneth expanded the roofing business. Their wholesale store sold carpets and appliances to other landlords.
A distributor serving contractors
The couple believed there was room for a wholesale distributor that offered multiple roofing brands in one place, giving contractors an alternative to visiting separate manufacturers’ shops.
ABC Supply’s history records three initial supply centers acquired from Bird & Sons in 1982. Hendricks has said the first store was in Beloit. She described the company’s aim as giving contractors convenient access to products and treating them as professional business customers.
The company expanded by acquiring distributors and opening branches. Its historical timeline lists 109 locations in 1994 and $1 billion in sales in 1998.
Leadership and acquisitions
Kenneth Hendricks died in 2007 after a fall while checking construction at the couple’s home. Diane was ABC Supply’s owner and chairwoman when it bought rival Bradco Supply in 2010, following the housing downturn and recession.
ABC Supply’s July 2010 completion announcement said Bradco added 129 locations in 30 states; the company’s later historical account gives the count as 128. In that announcement, ABC Supply described itself as the largest wholesale roofing distributor in the United States.
In 2016, ABC Supply acquired L&W Supply from USG, broadening its distribution business to include interior products such as drywall and steel framing alongside roofing, siding and windows. USG’s 2016 annual filing recorded final cash consideration of $675 million, including the final working-capital adjustment. ABC Supply says the acquisition added 136 locations across 36 states.
Career education in Beloit
By 2017, Hendricks’ work in Beloit included renovating vacant factories and storefronts into offices and community spaces. She also advocated giving students direct exposure to workplaces, including manufacturing plants, hospitals and restaurants, before they chose a career.
Hendricks CareerTek, a branch of the Stateline Boys and Girls Club, announced a grand opening and open house in Beloit for February 23, 2017. Its announcement listed Hendricks as a scheduled participant in the ribbon-cutting program.
