ROSEMONT, Ill. — A Toronto-based investment firm announced Monday it has acquired Tecta America Corp., subject to approvals.

Toronto-based Altas Partners said in a press release it has signed a definitive agreement to acquire Tecta from ONCAP, identified as the mid-market private equity platform of Onex.

Financial terms of the transaction were not disclosed.

Tecta America was No. 2 on RC's 2018 Top 100 Roofing Contractors list with reported revenue of $500 million. The company has more than 3,000 employees operating at more than 60 locations in the U.S.

“We are thrilled to partner with Altas as we continue to execute on our growth opportunities — both organically and through select acquisitions,” said Mark Santacrose, president and CEO, Tecta America. “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.”

As previously reported by Roofing Contractor, Tecta formed in 2000 when the heads of nine roofing-contractor companies considered leaders in their markets joined together with a simple purpose: pull together the best contractors, share and learn best practices from one another, and provide a national footprint that allows the company to offer more services.

In August 2016, ONCAP purchased the commercial and industrial roofing company from Oaktree Capital Management for $280 million. Oaktree acquired the company in 2013.

“We’re proud of everything we accomplished together with Tecta America,” said Edmund Kim, principal, ONCAP. “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 executive on their proven growth strategy.”

According to its website, Altas Partners was founded in 2012 and “pioneered an approach to private equity investing that recognizes the power of combining a flexible time horizon with an intense focus on value creation.”

“We focus on equity investments from $100 million to more than $600 million as we like the combination of quality and opportunity that these businesses can represent,” the website also states.

The Altas Partners acquisition is expected to close in the fourth quarter, and is subject to customary closing conditions and regulatory approvals.