Leonard Green & Partners has made a minority investment in Tecta America, a portfolio company of Altas Partners. Altas will remain Tecta America’s majority owner in partnership with both Leonard Green and the company’s senior management team.
Tecta America is a provider of new roof installation, re-roofing, and roof maintenance services to local and national customers across a variety of industries and end-markets. The company has more than 4,300 employees at 85 locations in 32 states from coast to coast. 
Tecta America, an active buyer of commercial roofing companies, was formed in 2000 through the merger of ten roofing services companies. Today, the company is led by CEO Dave Reginelli and is headquartered near Chicago in Rosemont, Illinois. Tecta America was acquired by Altas from ONCAP, the mid-market private equity platform of Onex Corporation, in October 2018. ONCAP purchased the business from Oaktree Capital Management in August 2016 for $280 million.
“We are thrilled to continue our outstanding partnership with Altas and welcome our new equity partner, Leonard Green, as we execute our proven strategy,” said Mr. Reginelli. “During Altas’ ownership, our senior executive team, operating unit presidents, and thousands of dedicated employees have steadily built Tecta’s capabilities and footprint, growing organically and through strategic acquisitions. We are confident that Leonard Green’s experience building leading services companies will enable us to continue to grow in the years to come.”
“Over the course of our partnership, Tecta America has solidified its position as the nation’s premier commercial roofing contractor,” said Scott Werry, a managing partner at Altas. “Our objective at Altas is to build market leaders into even stronger and more durable businesses in partnership with talented management teams, and today’s news represents an important milestone in our journey with Tecta. We are proud to be affiliated with Dave and the thousands of Tecta employees and are excited to be partnering with a firm of Leonard Green’s caliber as we continue to build Tecta in the years ahead.”
Toronto-based Altas Partners, founded in 2012 by former Onex Managing Director Andrew Sheine, makes equity investments of $250 million to $1 billion and typically owns its portfolio companies over a longer term than other private equity firms. Altas’ manages more than $6 billion of capital and its investing partners include large family offices, insurance companies, pension funds, endowments and foundations.
“We are grateful for the opportunity to partner with Altas and the Tecta team,” said Evan Hershberg, a partner at Leonard Green. “We have followed Tecta for many years and believe it is an outstanding business. Tecta has a proven track record of quality and delivers on its commitment to exceptional customer service. We look forward to supporting Tecta’s continued growth as the company executes on the significant opportunities that lie ahead.”
Los Angeles-based Leonard Green invests in service companies operating in the consumer, business, healthcare, retail, distribution, and industrial sectors. In December 2019, Leonard Green held final hard cap closings of its eighth private equity fund, Green Equity Investors VIII LP, with $12 billion of capital; and its inaugural dedicated middle-market fund, Jade Equity Investors LP, with $2.75 billion of capital.
© 2021 Private Equity Professional | September 8, 2021
