Pax Services Group Acquires Cram Roofing

Portfolio company of New State Capital Partners, Cram Roofing, expands company footprint in Texas and marks the first acquisition under new CEO Mike Wade

PAX Services Group has acquired Cram Roofing of Texas. — PAX, based in Millersville, Md., has a presence in markets throughout the Mid-Atlantic, Southeast, and Southwest, focusing primarily on re-roofing services to hospitals, schools, government buildings, and other high-end facilities subject to complex bid procedures and require operational specialization.
— Image by Bryan Gottlieb for RC

PAX Services Group, a portfolio concern and provider of roofing and exterior services, announced last week that it had acquired San Antonio, Texas-based Cram Roofing; senior management at Cram will remain with the company and terms of the deal were not disclosed.

In a Feb. 1 news release, PAX said that Cram Roofing, founded in 1986, offers re-roofing, maintenance and round-the-clock emergency repair services. PAX noted the pickup has many synergies with its new corporate parent, including a strong presence in both federal and commercial markets.

Mike Wade, pictured, became CEO of Pax in January 2024. "We're thrilled to welcome Cram Roofing's excellent team to the PAX family," said PAX CEO Mike Wade. "Cram has a sterling reputation, a longstanding and attractive client base, and a focus on the institutional market, all of which align well with our core business strategy.”

PAX, based in Millersville, Md., has a presence in markets throughout the Mid-Atlantic, Southeast, and Southwest, focusing primarily on re-roofing services to hospitals, schools, government buildings, and other high-end facilities subject to complex bid procedures and require operational specialization.

During the previous year, PAX opened locations in Waco and San Antonio, Texas, Virginia Beach, Va., and West Palm Beach, Fla. The company acquired Austin-based L.D. Tebben Company in March 2023.

"We're excited to build on the foundation and vision of our founder, Gary Cram, by partnering with a company that shares not just our business offerings but our mission of establishing and maintaining long-term relationships by exceeding customer expectations," said Mark Eichelbaum, president of Cram Roofing.

"Joining PAX and becoming part of its growth story is a great way to honor the firm's legacy and future," Cram added.

Calfee, Halter & Griswold LLP acted as legal advisors to PAX Services Group. Clark Hill acted as legal advisor for Cram Roofing.

"Texas offers an exceptional growth market, and Cram Roofing exemplifies the type of business that will increase and expand PAX's reach geographically and in terms of service offerings," said Shaun Vasavada, a principal at New State, the private equity firm providing the capital for expansion.

"Cram brings us closer to achieving our goal of establishing PAX as the premier exterior services company across the US, and we continue to pursue additional organic and M&A opportunities to support driving further growth," Vasavada added.

For more information, visit paxservicesgroup.com.