commercial roofing

Silver Oak Services Partners has acquired North American Roofing in partnership with the company’s management team and co-investors.

North American Roofing (NAR) is a provider of commercial reroofing and maintenance services with a specialization in large, low slope commercial and industrial roofs.

The company operates across the United States and in Puerto Rico and in 2018 NAR completed more than 500 reroofing and 5,000 service jobs. NAR is led by CEO Kelly Wade and is headquartered in Tampa (www.naroofing.com).

“Our team is excited to partner with Silver Oak to execute on our long-term growth plan,” said Ms. Wade. “We’re at an exciting inflection point in our company’s history, and we believe Silver Oak’s long track record of executing on aggressive growth strategies alongside their management partners made them the ideal partner for us. We look forward to working with them to further invest in our crew capacity, sales, marketing, field management and IT infrastructure so we can better service our clients and continue our strong growth trajectory.”

According to Silver Oak, the firm was attracted to NAR because of the company’s differentiated approach to servicing its national account client base and its growth potential.

“We are excited to partner with NAR’s management team. The company has a successful track record of growth and a strong reputation in the industry as one of the few reroofing providers able to service the entire country,” said Dan Gill, Managing Partner at Silver Oak. “We look forward to leveraging the company’s existing platform to accelerate NAR’s growth.”

Silver Oak Services Partners makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $20 million. As the firm name implies, sectors of interest include business, healthcare, and consumer services.  Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston (www.silveroaksp.com). The firm is currently investing out of its third fund which closed in March 2016 at its $335 million hard cap.

© 2018 Private Equity Professional | November 26, 2018

Altas Partners has agreed to acquire Tecta America Corporation from ONCAP, the mid-market private equity platform of Onex Corporation. ONCAP acquired a majority position in Tecta America in August 2016 from Oaktree Capital Management for $280 million.

Tecta America is a provider of commercial roofing contracting services to national and local customers across a range of industries and end markets. The company’s services include installation, replacement, repairs and maintenance, new construction, and disaster response. Tecta has more than 3,000 employees and operates from 60 locations from coast to coast.

Tecta America, an active buyer of commercial roofing companies, is led by CEO Mark Santacrose and is headquartered near Chicago in Rosemont. IL (www.tectaamerica.com).

“We are thrilled to partner with Altas as we continue to execute on our growth opportunities – both organically and through selective acquisitions,” said Mr. Santacrose. “Furthermore, we’re excited to leverage the firm’s support and expertise as we continue to focus on delivering best-in-class service to our customers and being the employer of choice in the roofing industry. We greatly value the support and commitment ONCAP provided throughout its ownership, as well as its confidence in our people and our future.”

ONCAP is the mid-market private equity platform of Onex Corporation (TSX: ONEX) which makes private equity investments through the Onex Partners and the ONCAP families of funds. Onex has more than $33 billion of assets under management and is based in Toronto with additional offices in New York, New Jersey and London (www.onex.com).

“We’re proud of everything we accomplished together with Tecta America. During our ownership period, we worked closely with Tecta management to enhance the company’s acquisition capabilities and strengthen the business’ operating performance. We wish the Tecta America team all the best as they continue to execute on their proven growth strategy,” said Edmund Kim, a Principal at ONCAP.

“Tecta America’s strength as a national company with deep local relationships has enabled its evolution into the largest commercial roofing contractor in the US,” said David Brent, a Partner at Altas. “This opportunity is an excellent fit with our long-term investment strategy and approach of partnering with outstanding management teams. We look forward to supporting the team at Tecta America as it continues to provide its customers with exceptional service and capitalize on the significant growth opportunities that lie ahead.”

Altas’ investing partners include endowments, foundations, public pension funds and other institutional investors. Altas was founded in 2012 by former Onex Managing Director Andrew Sheine and is based in Toronto (www.altaspartners.com).

This transaction is expected to close during the fourth quarter of 2018.

© 2018 Private Equity Professional | October 30, 2018