Commercial Roofing giant Tecta America, known for acquiring roofing companies big and small across the United States, was recently acquired itself by ONCAP.
The Toronto-based private equity firm purchased the commercial and industrial roofing company from Oaktree Capital Management for $280 million, a news release stated. The deal is expected to close before the end of the third quarter, subject to regulatory approvals.
Tecta is considered among the top roofing companies in the industry and has grown to more than 50 locations and 2,500 employees across the country. Headquartered in Rosemont, Ill., the company generated more than $420 million in annual revenue last year, good for second place on Roofing Contractor’s 2016 Top 100 Roofing Contractors List.
ONCAP is the mid-market private equity arm of Onex Corp., one of oldest and most successful private equity firms with more than $23 billion in assets around the world.
“Tecta America is an industry leader with an exceptional reputation for best-in-class responsiveness and a depth of resources that is unmatched in the sector,” said Evan Hershberg, a managing director with ONCAP. “We are excited to partner with Tecta America’s management team to support its next phase of growth.”
Officials with Oaktree, a global asset-management firm based in California that purchased the company in 2013, had strong praise for the roofing company and its leadership. “We believed in Tecta America’s value from the start and were excited to support Tecta America’s return to its core strategy,” said Cass Traub, managing director at Oaktree. “The entire Tecta America team – from senior management to field operations – is outstanding, and we think the future for the company is very bright.”
Tecta President and CEO Mark Santacrose thanked Oaktree officials for their support and said his company’s goal is to stay focused on the future.
“ONCAP has a strong investment track record and we’re delighted to work with its experienced team to further build on our solid foundation,” he said in a written statement. “We greatly value the support and commitment Oaktree provided over its ownership, as well as its confidence in our people and our future.”