Trivest Hits the Roof with Buy of DMI Direct Metals
September 30, 2025|John McNulty
Trivest Partners has acquired DMI Direct Metals, a national supplier of construction hardware and fasteners. Partnering on this investment with Trivest are First Lexington and DMI CEO Andrew Mullen.
DMI Direct Metals is a designer and distributor of roofing fasteners and construction hardware, primarily serving the U.S. metal roofing market. The company’s products include a portfolio of proprietary and branded items, including the Panclip fastener line, hurricane-rated Pancake Head screws, and DMI SealTech sealing washers. Customers of DMI include over 500 OEMs and distributors across the residential, commercial, and industrial construction sectors.
Source: DMI Direct Metals
The Ft. Myers, Florida-headquartered company was founded in 1993 by the Mullen family and today is led by CEO Andrew Mullen, with four distribution centers in Florida, Indiana, and Texas.
“This partnership marks an exciting new chapter for DMI,” said Mr. Mullen. “With Trivest’s expertise and resources, along with Bob Bennett’s proven track record in fasteners, we are well-positioned to expand into new markets, broaden our product offerings, and deliver even greater value to our customers.”
“We are very excited to partner with Andrew and the team at Trivest,” said Bob Bennett of First Lexington. “DMI Direct Metals is a remarkable, founder-led enterprise in a fast-growing segment of the consolidating construction hardware business. We are looking forward to becoming a dominant player in this industry, with the financial backing of Trivest and the leadership of Andrew and his team at DMI Direct Metals.”
Demand for metal roofing in the U.S. continues to expand, supported by its durability, long service life, and resistance to severe weather events. Homeowners and builders are increasingly selecting metal over asphalt shingles due to benefits such as energy efficiency, recyclability, and lower lifecycle maintenance costs.
According to the Metal Roofing Alliance, residential market share rose from roughly 12% in 2019 to more than 15% in 2023, making it the second-most popular roofing material in reroofing applications. Industry forecasts project a compound annual growth rate (CAGR) of 3–4% through 2030, driven by rising adoption in residential reroofing, growth in commercial construction, and heightened demand for hurricane- and fire-resistant materials in regions impacted by climate risks.
Source: DMI Direct Metals
The acquisition of DMI is the eighth platform investment for Trivest Partners’ Fund VII and reflects the firm’s continued focus on backing founder-led businesses.
“Trivest is proud to partner with founders like Andrew Mullen to transform strong regional leaders into nationally recognized businesses, while preserving the unique culture and customer-first values that made them successful,” said Steve Reynolds, a partner at Trivest.
Trivest Partners invests in lower middle-1market, North America-based companies that operate in the consumer and retail, healthcare, niche manufacturing, distribution, and business services sectors. Trivest was founded in 1981 and is headquartered in Miami with additional offices in Charlotte, Chicago, Los Angeles, New York, and Toronto.
Trivest makes both control and minority investments across a family of funds, including Trivest Growth Investment Fund III LP, a $730 million fund targeting non-control investments in founder- and family-owned businesses with a minimum of $20 million in revenue and $4 million in EBITDA; Trivest Discovery Fund II LP, a $600 million fund making control investments in companies with up to $40 million in revenue and $4 million in EBITDA; Trivest Mid-Market Fund VII LP, a $950 million fund targeting companies with more than $20 million in revenue and up to $15 million in EBITDA; and Trivest Recognition Fund LP, a $1.3 billion fund for companies with more than $50 million in revenue and more than $15 million in EBITDA.
First Lexington is a Dallas-based investment and holding company that invests in lower middle market companies. The firm was founded by Robert Bennett, who serves as its Chairman and CEO. The firm is the successor of First Lexington Corporation, founded in 1970, that invested in technology, media, education, and manufacturing companies.
Trivest Partners has acquired DMI Direct Metals, a national supplier of construction hardware and fasteners. Partnering on this investment with Trivest are First Lexington and DMI CEO Andrew Mullen.
“We are very excited to partner with Andrew and the team at Trivest,” said Bob Bennett of First Lexington. “DMI Direct Metals is a remarkable, founder-led enterprise in a fast-growing segment of the consolidating construction hardware business. We are looking forward to becoming a dominant player in this industry, with the financial backing of Trivest and the leadership of Andrew and his team at DMI Direct Metals.”
“Trivest is proud to partner with founders like Andrew Mullen to transform strong regional leaders into nationally recognized businesses, while preserving the unique culture and customer-first values that made them successful,” said Steve Reynolds, a partner at Trivest.
