PAX Services Group, a New State Capital platform company, has acquired Baltimore-based Consolidated Coatings.
PAX Services Group provides building envelope contractor services for institutional, industrial, and commercial customers located across the Mid-Atlantic, Southeast, and Southwest regions of the United States.
PAX specializes in roofing, waterproofing, exterior wall restoration, and façade maintenance services for large-scale facilities with complex roofing and exterior structures. PAX, led by Executive Chairman Mike Gowl and CEO Mike Wade, was founded in 2007 and is headquartered south of Baltimore in Millersville, Maryland.
New State acquired PAX Services Group – formerly Patuxent Roofing & Contracting – in April 2022 through its third fund, which closed in May 2021 with $450 million of committed capital.
Consolidated Coatings provides complex building contractor services, including masonry restoration, concrete restoration, industrial coatings, floor coatings, exterior insulation and finish systems (EIFS), and waterproofing systems. The company’s customers include commercial properties, institutions, and industrial facilities across the Mid-Atlantic. Consolidated was founded in 1979 by c and is headquartered in Baltimore, Maryland.
“I am excited about this new chapter for Consolidated Coatings. I am confident that PAX is the perfect partner to carry forward our legacy. Their vision aligns perfectly with our values, and I believe this transition will bring new opportunities for growth and innovation,” said Mr. Novak.
“We’re thrilled to welcome Consolidated Coatings to the PAX team,” said Mr. Wade. “We are committed to driving innovation in the building envelope services industry. The combination of strengths between our two companies provides our clients with a comprehensive 360-degree approach to restoring the entire building envelope. This partnership ensures a streamlined experience, a single point of accountability, and unmatched quality workmanship.”
PAX’s first add-on acquisition, following the buy of Patuxent Roofing in April 2022, was the buy of L.D. Tebben, an Austin, Texas-based commercial roofing contractor, in March 2023. In February 2024, it added on again with the buy of San Antonio-based Cram Roofing.
With the close of the acquisition of Consolidated, PAX now has operations in Maryland (3), Texas (3), Virginia, and Florida.
“The ability to offer complete building services is an important step in PAX’s evolution and brings us closer to establishing the company as the country’s premium exterior services company,” said Shaun Vasavada, a principal at New State. “New State stands ready to support further growth as PAX continues to explore additional organic and M&A opportunities.”
New State invests up to $100 million in senior debt, junior debt, and equity in companies with $8 million to $40 million in 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.
© 2024 Private Equity Professional | September 27, 2024
