Garnett Station Partners, a New York-based principal investment firm with more than $2 billion under management, announced on Tuesday the launch of FirstRidge Service Partners, a newly formed residential and commercial services platform focused on roof replacement and other exterior services.
The new portfolio company, which was created in partnership with Abe Hidary, who will serve as Chief Executive Officer, was announced in a Nov. 14 news release that said FirstRidge was created “…with the vision of building a leading network of premier roofing and exterior service providers by partnering with best-in-class founders and management teams nationwide.”
In the release, FirstRidge also announced its first partnership with founder-led, Minnesota-based Ashton McGee Restoration Group to accelerate growth and expand its geographic footprint in providing customers with a range of roofing solutions.
“We are incredibly excited about the platform opportunity in residential and commercial services and, in working with Abe, we believe FirstRidge has tremendous potential,” said Alex Sloane, co-founder and managing partner at Garnett.
“Abe is a natural fit to lead this platform, given his experience investing in and building consumer and services businesses through acquisition,” Sloane added. “We are thrilled to provide FirstRidge with growth capital and strategic resources to turbocharge acquisitions and organic growth.”
Ashton McGee, founded in 2013, is a licensed general contracting firm based in Minneapolis with a second license to work in Wisconsin. Hidary, a partner at Garnett with a long history in private finance, including serving as vice president at The Carlyle Group, offered bullish praise about the venture.
“By prioritizing quality, service, and consumer experience, and by investing in talent, infrastructure, and technology, FirstRidge will become the partner of choice for like-minded founders in the industry,” Hidary said.
“We are lucky to have developed a great partnership with Ashton and Tony, the founders of AMRG, and we look forward to working together to provide the residential and commercial services industry with enhanced solutions,” he added.
Ashton McGee’s eponymous founder and CEO said of the new enterprise, “We are excited to partner with FirstRidge and Garnett Station, given the firm’s expertise in rapidly scaling businesses and investing in growth.”
Tony Wells, President of AMRG, added, “We are extremely motivated by the opportunity to quickly expand our geographic footprint and offer our best-in-class services to a wider community of customers when they need it most.”
For more information, visit garnettstation.com.