Carousel Capital has formed a new platform in the residential and commercial roofing sector and has acquired two companies with the buys of covR and United Contracting and Roofing.
covR provides residential roofing and exterior restoration services with an operational focus in Colorado and Texas. Its service model integrates closely with insurance providers, emphasizing accurate and efficient handling of storm and damage-related claims.
The company’s services include roof replacements, exterior siding repairs, and gutter system installations—typically tied to insurance-paid claims—that are designed to reduce delays and friction between homeowners and carriers. The company was founded in 2022 by CEO Julie Wynn, Jennifer Hevelone, and Jeff Turano, and is headquartered in Denver, Colorado.
“We chose to partner with Carousel given their proven track record of supporting growing service businesses combined with their extensive experience in the insurance services sector,” said Ms. Wynn, CEO and co‑founder of covR. “Through months of productive conversations with our team, Jeremy and Carousel about the potential combination of covR’s insurance and quality roof installation expertise and United’s retail and commercial experience, we are more excited than ever to embark on this next chapter as a unified platform.”
United Contracting and Roofing provides commercial and residential roofing services including inspections, repairs, replacements, and storm damage assessments. The company’s customers include residential homeowners, real estate developers, and commercial property owners in Georgia and South Carolina. United was founded in 2017 by Jeremy Perry and is headquartered 84 miles northeast of Atlanta in Clarkesville, Georgia.
“I look forward to joining forces with the covR team to inflect United’s growth trajectory and continue to expand our footprint both organically and through M&A,” said Mr. Perry. “This combination will further enhance our ability to serve our customers in our existing footprint and accelerate our growth to new markets.”
The merged business will maintain co‑headquarters in Clarkesville, Georgia, and Denver, Colorado, and will integrate covR’s insurance‑centric restoration model with United’s retail and commercial roofing operations. The transaction is funded with equity from Carousel’s sixth fund and rollover equity from founders of both covR and United Roofing.
The U.S. roofing market is projected to reach about $31.4 billion in 2025, with expectations of growth to some $42.3 billion by 2030, reflecting a compound annual growth rate near 6.2%. Aging housing stock, climate‑driven storm damage, and energy efficiency incentives underpin demand for both repair and replacement. The industry also faces rising claim costs—U.S. roofing replacement and repair costs soared to nearly $31 billion in 2024, a roughly 30 percent increase since 2022.
Carousel Capital invests in non-cyclical and growth-oriented companies headquartered in the southeastern United States. Typical targets will have enterprise values of up to $200 million and EBITDA of at least $3 million. Sectors of specific interest include business, consumer, and healthcare services. Carousel was founded in 1996 and is led by managing partners Charles Grigg and Jason Schmidly.
The buy of covR and United Roofing follows Carousel’s acquisition last month of OnSight Industries, a Florida-based provider of custom-designed signage, cluster mailbox unit (CBU) procurement and installation, and localized distribution services to national and regional homebuilders, real estate developers, and property managers.
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