NEW STATE CAPITAL-BACKED PATUXENT ROOFING & CONTRACTING ACQUIRES L.D. TEBBEN COMPANY

LARCHMONT, N.Y., March 15, 2023 /PRNewswire/ -- Patuxent Roofing & Contracting, Inc. ("Patuxent" or "the Company"), a leading independent provider of re-roofing installation and services, announced today that it has acquired Austin-based L.D. Tebben Company ("L.D. Tebben"), a commercial re-roofing contractor serving markets in Texas and Oklahoma. This strategic addition marks Patuxent's first acquisition since becoming a portfolio company of private equity firm New State Capital Partners in April 2022. Terms of the transaction were not disclosed.

Headquartered in Laurel, MD, with operations across the mid-Atlantic region, Patuxent 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 addition of L.D. Tebben marks the Company's first foray into the Texas market.

"It's our privilege to bring fresh energy and capital to L.D. Tebben, a venerable brand with an established track record built over the last 45 years," said Patuxent CEO Mike Gowl. "We are excited to grow the Company and leverage this acquisition as a springboard for further growth in Texas and Oklahoma. We're fortunate to have a committed and knowledgeable partner in New State, which has allowed us to expand quickly, adding a company whose customers and services align perfectly with Patuxent's."

"Texas offers a robust institutional customer presence, a high-quality labor market, and some of the largest metro areas in the country located within a five-hour radius," added Ed Bennington, Patuxent's Texas Regional President. "Expanding beyond the mid-Atlantic region is a priority for Patuxent, and like the D.C. metro area where the Company is headquartered, Texas has strong private and government sectors."

Shaun Vasavada, Principal at New State, said, "Geographic expansion is a critical pillar of our collective growth strategy. A physical presence in Texas gives Patuxent the ability to build momentum with labor, customers, and subcontractors. These relationships are especially important as we look to expand into complementary building maintenance, repair, and renovation services."

About Patuxent
Patuxent Roofing & Contracting, Inc. is a leading independent provider of roofing installation, waterproofing, and related services. Founded in 2008, the company focuses primarily on re-roofing services for government, institutional, industrial, and multi-family end markets located 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-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 $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. Now in its 10^th year, New State and its affiliates have invested in almost 40 companies to date. For more information visit www.newstatecp.com

Media contact:

Lambert
Joanne Lessner
[email protected]
212-222-7436

SOURCE Patuxent Roofing & Contracting, Inc.