Gridiron Capital has made an investment in Erie Construction, a direct-to-consumer provider of residential products and services specializing in fiberglass and metal roofing.
Erie is active in all phases of the home improvement process from lead generation to final installation and warranty. The company’s products include fiberglass and metal roofing, vinyl windows and siding, and doors. Erie was founded in 1982 by CEO Pat Trompeter and is headquartered in Toledo, Ohio with 37 field offices in 19 states and the District of Columbia.
“We have known the Gridiron team for years and are excited to solidify a partnership with them,” said Mr. Trompeter. “Gridiron has a deep understanding of our direct-to-consumer business model, including lead generation, in-home sales, installation and a constant focus on our customers. My extended Erie team and I are looking forward to the growth opportunities that will come from our partnership with Gridiron.”
“Erie has an impressive track record of growth and an unmatched legacy as an industry pioneer, driven primarily by an unwavering focus to customer service and satisfaction,” said Tom Burger, a co-founder and managing partner at Gridiron. “We are excited to partner with Pat and the Erie management team to align Gridiron’s capabilities and industry experience with Erie’s exceptional talent and knowledge to capitalize on the significant runway for growth in the attractive residential re-roofing market.”
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values from $75 million to $600 million and EBITDA from $10 million to $60 million. Sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrial.
“There is a strong cultural fit and shared spirit of entrepreneurism between the Erie and Gridiron teams,” added Joe Saldutti, a managing director at Gridiron. “We look forward to partnering with the entire Erie team to support their growth and position the company for long-term, continued success.”
New Canaan, Connecticut-based Gridiron held a hard-cap and oversubscribed closing of its largest fund, Gridiron Capital Fund IV LP, in December 2020 with $1.35 billion of capital. The buy of Erie is Gridiron’s 8th platform investment for Fund IV and the third platform investment the firm has closed in 2021.
© 2021 Private Equity Professional | August 4, 2021
