New State Closes First Add-on for Patuxent Platform

New State Closes First Add-on for Patuxent Platform

Patuxent Roofing & Contracting was acquired by New State in April 2022 and is its first add-on acquisition

Patuxent Roofing provides roofing installation and waterproofing services to government, institutional, industrial, and multi-family end markets located in the Mid-Atlantic region of the United States.

SOURCE: Getty Images

Patuxent Roofing & Contracting, a portfolio company of New State Capital Partners, has acquired L.D. Tebben Company, a commercial re-roofing contractor serving markets in Texas and Oklahoma.

Patuxent Roofing & Contracting (PRC) is a provider of roofing installation and waterproofing services. The company primarily focuses on re-roofing services for government, institutional, industrial, and multi-family end markets located in the Mid-Atlantic region of the United States.

PRC specializes in providing its services to hospitals, schools, and government buildings that are subject to complex bid procedures and require operational specialization. PRC, led by CEO Mike Gowl, was founded in 2008 and is headquartered near Washington DC in Laurel, Maryland.

The buy of Austin, Texas-based L.D. Tebben, a commercial roofing contractor, is Patuxent’s first acquisition since becoming a portfolio company of New State in April 2022, and marks the company’s entry into the Texas market.

Source: L.D. Tebben Company

“Texas offers a robust institutional customer presence, a high-quality labor market, and some of the largest metro areas in the country located within a five-hour radius,” said Ed Bennington, Patuxent’s Texas Regional President. “Expanding beyond the mid-Atlantic region is a priority for Patuxent, and like the DC metro area where the company is headquartered, Texas has strong private and government sectors.”

“Geographic expansion is a critical pillar of our collective growth strategy,” said Shaun Vasavada, a principal at New State. “A physical presence in Texas gives Patuxent the ability to build momentum with labor, customers, and subcontractors. These relationships are especially important as we look to expand into complementary building maintenance, repair, and renovation services.”

“It’s our privilege to bring fresh energy and capital to L.D. Tebben, a venerable brand with an established track record built over the last 45 years,” said Mr. Gowl. “We are excited to grow the company and leverage this acquisition as a springboard for further growth in Texas and Oklahoma. We’re fortunate to have a committed and knowledgeable partner in New State, which has allowed us to expand quickly, adding a company whose customers and services align perfectly with Patuxent’s.”

New State invests up to $100 million of senior debt, junior debt, and equity in companies with $8 million to $40 million of EBITDA that are active in the business services, industrials, and consumer sectors. New State was founded in 2013 by David Blechman and is based in Larchmont, New York.

© 2023 Private Equity Professional | March 16, 2023

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