NEW
YORK, Dec. 18, 2023 /PRNewswire/ -- Soundcore
Capital Partners ("Soundcore") a New
York-based private equity firm, is pleased to announce it
completed the sale of Roofing Corporation of America, LLC ("Roofing
Corp." or the "Company"), a national leading full-service provider
of commercial, industrial, and residential roof replacements and
repairs, new roof installation, and ongoing preventative
maintenance and inspection services to customers throughout
the United States,
to FirstService Corporation (TSX and NASDAQ: FSV). The
transaction closed on December 15,
2023.
Headquartered in Atlanta, GA,
Roofing Corp. is a full-service provider of commercial, industrial,
and residential roof replacements and repairs, new roof
installation, and ongoing preventative maintenance.
Soundcore initially invested in Roofing Corp. in December 2020 after beginning with a Fresh Idea
that turned into a compelling thesis, which was validated by
significant direct outreach initiatives, data collection, and
market analysis. Soundcore was compelled by the level of
fragmentation and reoccurring service needs of the industry.
"It was a pleasure to partner with Soundcore over the past
three years. Today's announcement is the culmination of a lot of
hard work. Soundcore has been a trusted and valuable strategic
partner for our management team," commented Randy Korach, Roofing Corp.'s CEO. "The
partnership with Soundcore enabled us to build a strong
company, one of the leading roofing contractors in the United States. Soundcore executed its
proactive approach and provided the necessary resources to allow us
to achieve our goals and deliver the care and attention that
demanding clients have come to expect. We are grateful for their
support and partnership."
During Soundcore's holding period, through proactive
initiatives including capital expenditures, accretive acquisitions,
strategic procurement activities and other organic growth
initiatives, Roofing Corp. successfully grew into one of the
leading roofing platforms. Soundcore oversaw 10 acquisitions and
entered major markets including Las
Vegas, Southern California,
Northern California, Western Idaho, Northern Colorado, Central Texas, Eastern Louisiana, Kentucky, Ohio, Georgia, North
Carolina, and South
Carolina.
"We initially invested in this thesis with the goal of creating
a leading service provider in the roofing industry. Through a
combination of strategic add-on acquisitions, investments in
technology and integration, procurement programs, organic growth
initiatives, and the addition of several key management team
members, we were able to achieve our goals. Under Soundcore's
ownership, Roofing Corp.'s revenue and EBITDA increased by more
than tenfold," said Jarrett Turner,
Founder and Managing Partner of Soundcore. "We are proud of our
partnership with the Roofing Corp. management team, which
successfully executed Soundcore's platform creation strategy.
We want to credit Randy Korach and the entire Roofing Corp.
team for their impressive accomplishments, leadership, and
dedication in helping us build a leading company. We are pleased
with the outcome for our investors, and we wish this team and the
Company success during this next phase of growth."
Financial terms of the transaction were not disclosed.
Piper Sandler & Co. served as the financial advisor and
Kirkland & Ellis LLP served as legal counsel to Soundcore and
Roofing Corp.
About Roofing Corp.
Roofing Corp. is a full-service provider of commercial,
industrial, and residential roof replacements and repairs, new roof
installation, and ongoing preventative maintenance. For more
information, please visit: www.roofingcorp.com
About Soundcore
Soundcore Capital Partners was founded in 2015 by Jarrett
Turner and is based in New York,
NY. Soundcore is a thesis-driven private equity firm that
specializes in buy-and-build investments in the lower middle-market
that are headquartered in the United
States and Canada.
Soundcore has completed 88 acquisitions across eleven platforms and
focuses primarily on business & outsourced services, industrial
services, specialty manufacturing and value-added distribution
sectors. For more information, please visit:
www.soundcorecap.com
CONTACT:
Elizabeth Olt
eolt@soundcorecap.com
(212)-812-1432
Related Links
www.soundcorecap.com
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SOURCE Soundcore Capital Partners
