Altas Partners has agreed to acquire Tecta America Corporation from ONCAP, the mid-market private equity platform of Onex Corporation. ONCAP acquired a majority position in Tecta America in August 2016 from Oaktree Capital Management for $280 million.
Tecta America is a provider of commercial roofing contracting services to national and local customers across a range of industries and end markets. The company’s services include installation, replacement, repairs and maintenance, new construction, and disaster response. Tecta has more than 3,000 employees and operates from 60 locations from coast to coast.
Tecta America, an active buyer of commercial roofing companies, is led by CEO Mark Santacrose and is headquartered near Chicago in Rosemont. IL (www.tectaamerica.com).
“We are thrilled to partner with Altas as we continue to execute on our growth opportunities – both organically and through selective acquisitions,” said Mr. Santacrose. “Furthermore, we’re excited to leverage the firm’s support and expertise as we continue to focus on delivering best-in-class service to our customers and being the employer of choice in the roofing industry. We greatly value the support and commitment ONCAP provided throughout its ownership, as well as its confidence in our people and our future.”
ONCAP is the mid-market private equity platform of Onex Corporation (TSX: ONEX) which makes private equity investments through the Onex Partners and the ONCAP families of funds. Onex has more than $33 billion of assets under management and is based in Toronto with additional offices in New York, New Jersey and London (www.onex.com).
“We’re proud of everything we accomplished together with Tecta America. During our ownership period, we worked closely with Tecta management to enhance the company’s acquisition capabilities and strengthen the business’ operating performance. We wish the Tecta America team all the best as they continue to execute on their proven growth strategy,” said Edmund Kim, a Principal at ONCAP.
“Tecta America’s strength as a national company with deep local relationships has enabled its evolution into the largest commercial roofing contractor in the US,” said David Brent, a Partner at Altas. “This opportunity is an excellent fit with our long-term investment strategy and approach of partnering with outstanding management teams. We look forward to supporting the team at Tecta America as it continues to provide its customers with exceptional service and capitalize on the significant growth opportunities that lie ahead.”
Altas’ investing partners include endowments, foundations, public pension funds and other institutional investors. Altas was founded in 2012 by former Onex Managing Director Andrew Sheine and is based in Toronto (www.altaspartners.com).
This transaction is expected to close during the fourth quarter of 2018.
© 2018 Private Equity Professional | October 30, 2018
