NEW STATE-BACKED PATUXENT ROOFING & CONTRACTING REBRANDS AS PAX SERVICES GROUP

ADDS LONGTIME SPECIALTY CONTRACTING EXECUTIVE MIKE WADE AS COO

LARCHMONT, N.Y., Aug. 1, 2023 /PRNewswire/ -- Patuxent Roofing & Contracting, Inc., a leading independent provider of re-roofing installation and services, today announced a corporate rebrand as PAX Services Group ("PAX" or "the Company"). In addition, Mike Wade, a proven executive with more than 20 years' experience in facility services and maintenance, has joined the Company as Chief Operating Officer.

Headquartered in Laurel, MD, with operations across the mid-Atlantic region and in Texas, PAX focuses primarily on re-roofing services to hospitals, schools, government buildings, and other high-end facilities that are subject to complex bid procedures and require operational specialization. The Company plans to further expand its offerings to adjacent areas such as concrete and facade restoration, waterproofing, and historical preservation.

"Rebranding as PAX Services Group reflects the ongoing expansion of both our service offerings and our geographic reach, and Mike [Wade] is the perfect person to help us execute on both these strategic initiatives," said PAX CEO Mike Gowl. "His deep experience in specialty contracting, acquisitions, and integration, combined with his broader perspective as a leader outside the roofing industry, will be invaluable as we continue to diversify our services and move into new regional markets."

Mr. Wade most recently served as Chief Operating Officer for Crete Mechanical Group. Prior to that, he was Vice President and Senior General Manager at ABM Industries, and CEO of Comfort Systems USA Southeast.  Mr. Wade began his career in mechanical engineering as Operations Manager at Gulfside Mechanical. He holds a BSME degree from Pensacola Christian College and an MBA from the University of Virginia Darden School of Business.

"PAX Services Group has a sophisticated team with a strong foundation and tremendous growth opportunities. I'm excited to build upon the Company's momentum," said Mr. Wade. "I look forward to creating more opportunities for individuals and businesses to be part of the PAX story, while continuing to deliver value to customers in our specialty markets."

Shaun Vasavada, Principal at New State, added, "Introducing a broader brand identity and adding to the senior team supports the platform's integration of complementary building maintenance, repair, and renovation services, as well as its geographic expansion. These remain the pillars of our collective growth strategy as we work toward our goal of making PAX Services Group the premier exterior services company across the U.S."

About PAX Services Group
PAX Services Group is the premier exterior facility services company for clients with complex requirements. Focused on institutional, industrial, commercial and multi-family end-markets, PAX is an award-winning provider offering unparalleled technical expertise and decades of experience to customers across the Mid-Atlantic, Southeast, and Southwest. For more information visit http://www.paxservicesgroup.com/

About New State Capital Partners
New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with services-based business models and $8 million to $40 million of EBITDA. New State and its affiliates have invested in almost 40 companies to date. For more information visit www.newstatecp.com

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Joanne Lessner, [email protected], 212-222-7436
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SOURCE New State Capital Partners