LARCHMONT, New York, March 15, 2023 /PRNewswire/ — Patuxent Roofing & Contracting, Inc. (“Patuxent” or “the Company”), a leading independent provider of roof restoration installations and services, today announced its acquisition austin-based LD Tebben Company (“LD Tebben”), a commercial roofing company serving markets in Texas And Oklahoma. This strategic addition is Patuxent’s first acquisition since becoming a portfolio company of private equity firm New State Capital Partners April 2022. The terms of the transaction were not disclosed.
headquarters in Laurel, MD, with operations throughout the Mid-Atlantic region, Patuxent is primarily focused on the roof renovation of hospitals, schools, government buildings and other high-end facilities subject to complex bidding processes and requiring operational specialization. The addition of LD Tebben marks the company’s first foray into the Texas Market.
“It is our privilege to bring fresh energy and capital to LD Tebben, a venerable brand with an established track record built over the past 45 years,” said the CEO of Patuxent Mike Goul. “We are excited to grow the business and use this acquisition as a springboard for further growth Texas And Oklahoma. We are fortunate to have a dedicated and knowledgeable partner in New State who has enabled us to expand rapidly and add a business whose customers and services are a perfect match for Patuxent.”
“Texas offers a strong institutional client footprint, a quality labor market and some of the largest metro areas in the country within a five-hour radius,” he added Ed Bennington, Texas Regional President of Patuxent. “Expansion beyond the mid-Atlantic region is a priority for Patuxent, and like the greater DC area where the company is headquartered, Texas has a strong private and government sector.”
Shaun VasavadaPrincipal at New State, said: “Geographic expansion is a critical pillar of our collective growth strategy. A physical presence in Texas gives Patuxent the opportunity to set impulses with employees, customers and subcontractors. These relationships are especially important as we seek to expand into complementary building maintenance, repair and renovation services.”
About Patuxent
Patuxent Roofing & Contracting, Inc. is a leading independent provider of roofing installations, waterproofing and related services. Established in 2008, the company focuses primarily on roofing services for government, institutional, industrial and multi-family end markets in Texas and the mid-Atlantic region of The United States. Visit www.patuxentroofing.com.
About New State Capital Partners
New State Capital Partners is an entrepreneurial private equity firm that strives to be fast, decisive and collaborative. New State prides itself on its long-term perspective and views every potential investment as an opportunity to build lasting and valuable relationships with company founders and especially independent sponsors. The company can invest up to 100 million dollars in equity per transaction and aims to co-invest in market-leading companies 8 million dollars To 40 million dollars of EBITDA in the business services, industrial and consumer sectors. New State and its subsidiaries have invested in nearly 40 companies in their tenth year to date. Visit www.newstatecp.com for more information
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