Bow River Capital Recapitalizes Progressive Roofing, a Commercial Roofing Contractor

DENVER — Bow River Capital, a private equity firm based in Denver, Colo., announced that it has completed the recapitalization of Progressive Roofing.

Headquartered in Phoenix, Ariz., Progressive Roofing is a full-service commercial roofing business providing reroofing, new construction, service, and emergency repair solutions to customers across the education, government, industrial, healthcare, hospitality, and retail landscape. Progressive provides unique roofing solutions as well as consistent, safe, and quality project delivery. Progressive's self-performance model emphasizes technical excellence on large, complex projects and small maintenance repairs alike.

"Progressive's commitment to customers and quality, which is supported by our family-oriented culture, is the centerpiece of the company's success," said Mark Farrell, Progressive CEO. "Over our decades-long history, our leadership team has continually identified new advances in roofing materials, technologies, and installation, and our highly-skilled, trained, and certified professionals continue to deliver extraordinary work every time we set foot on a roof."

Farrell's long-time partner and Progressive shareholder Mike Hadden went on to say that Progressive couldn't be more excited about the partnership with Bow River, and is looking forward to making "continued investments to enhance how we serve our customers and support the growth of our business and our employees."

"We are excited to grow the Progressive brand into new markets through existing and new customer relationships and continue our commitment to providing best-in-class roofing systems," Hadden said.

Bow River Capital seeks to invest in leading middle market companies that provide infrastructure solutions.

"Progressive is a market leader in commercial roofing solutions, and the leadership team has assembled a long roster of clients that trust the company time and time again," said Greg Hiatrides, managing director at Bow River Capital. "Progressive has a terrific reputation that dates back decades, and we are thrilled to be a part of the continued success story."

Progressive's management team (who participated in the recapitalization) will retain a meaningful ownership stake in the company and continue to lead the organization and deliver quality services to customers.

"When we look at the state of roofing infrastructure in Progressive's key markets and across the country, it is aging, and the repair/replacement decision is not discretionary," said Adi Leonard, senior associate at Bow River Capital. "Students, patients, governments, consumers, and event fans rely on Progressive to maintain building integrity. We look forward to expanding the company's footprint in order to advance communities across the nation."

Brownstein Hyatt Farber Schreck LLP served as legal counsel to Bow River. Gammage & Burnham served as legal counsel to Progressive.