Acacia Partners has sold Nations Roof, a commercial roofing contractor, to AEA Investors.
Nations Roof is a provider of commercial roof replacement, new roofing, and maintenance and repair services to national retailers, property managers, and commercial and industrial companies.
Nations Roof operates through 22 business units and 9 service center locations and has completed projects in all 50 states. The company owns all its locations, offers single-sourcing, and is not an affiliation of independent contractors. According to Nations Roof, its 22 dedicated national account managers are the commercial roofing industry’s largest dedicated national account sales team.
Mobile, Alabama-headquartered Nations Roof was founded in 2004 by Rich Nugent along with his brother James and Ron Werowinski.
“The Acacia team made me some promises three and a half years ago, and they more than lived up to their word,” said Mr. Nugent. “My goal then was to find a partner that could help us take our company to the next level without impacting its culture. I am very grateful to Acacia for all that we achieved together.”
“The Acacia team provided invaluable support to get the company where it is today,” said Jake Hyatt, the CEO of Nations Roof. “Together we made many investments in our team and business processes that helped us navigate our growth over the last three years and prepare us for future growth. We are now ready for our next chapter of growth with a new partner.”
Acacia invested in Nations Roof in 2018 and made a follow-on growth equity investment in 2021. “We are very appreciative of the entire Nations team,” said Acacia Partners in a released statement. “They built a best-in-class platform in the commercial roofing industry, and we are fortunate that Rich Nugent picked us as his partner. It has been an incredible journey, and we are excited to watch Nations continue to grow and prosper in the years ahead.”
Acacia makes control and minority investments in family-owned and/or owner-operated companies that have enterprise values from $50 million to $300 million and EBITDA of more than $5 million. Sectors of interest include IT and business services, consumer products and services, health care services, distribution, transportation and logistics, packaging, and manufacturing. The firm was founded in 2011 by Partner Brad Johl and is headquartered in Austin, Texas.
AEA’s acquisition of Nations Roof is the tenth building products platform investment the firm has made over the past two decades.
AEA invests across three sectors – value-added industrials, consumer, and services – and has 70 investment professionals at its headquarters in New York City with additional offices in Connecticut, London, Munich, and Shanghai. AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co.
Piper Sandler was the financial advisor to Nations Roof on this transaction and Harris Williams and Rothschild & Co were the financial advisors to AEA.
© 2024 Private Equity Professional | July 30, 2024
