PAX SERVICES GROUP ACQUIRES CONSOLIDATED COATINGS

Addition expands building envelope service offerings

MILLERSVILLE, Md., Sept. 24, 2024 /PRNewswire/ -- PAX Services Group ("PAX"), a leading provider of roofing and exterior services, has acquired Baltimore-based Consolidated Coatings, Inc. (or "Consolidated Coatings"). The Consolidated Coatings management team will remain with the company. This collaboration marks PAX's further expansion within the Baltimore/DC region and underscores its dedication to expanding its services to encompass the entire building envelope. PAX is a portfolio company of New State Capital Partners, a middle market private equity firm with over a decade of experience partnering with entrepreneurially minded management teams. Terms of the transaction were not disclosed.

Founded in 1979, Consolidated Coatings provides masonry restoration, concrete restoration, industrial coatings, floor coatings, exterior insulation and finish systems, and waterproofing systems across the Mid-Atlantic region. Consolidated Coatings is recognized for its customer service and ability to perform complex projects. Its deep expertise and strong reputation in building restoration and coatings aligns seamlessly with PAX's comprehensive building envelope restoration services. By partnering with Consolidated Coatings, PAX enhances its offerings, giving both current and future clients a single source of accountability for top-tier technical building exterior services performed with the highest quality workmanship.

"We're thrilled to welcome Consolidated Coatings to the PAX team," said Mike Wade, PAX CEO. "We are committed to driving innovation in the building envelope services industry. The combination of strengths between our two companies provides our clients with a comprehensive 360-degree approach to restoring the entire building envelope. This partnership ensures a streamlined experience, a single point of accountability, and unmatched quality workmanship."

PAX, headquartered in Millersville, MD, with a presence across the Mid-Atlantic, Southeast, and Southwest, offers comprehensive building envelope solutions for institutional, industrial and commercial sector clients with large-scale facilities and critical operations. PAX delivers complex roofing and exterior services at the highest level, ensuring the safety of people and interior building assets while preserving the entire building envelope.

"I am excited about this new chapter for Consolidated Coatings. I am confident that PAX is the perfect partner to carry forward our legacy. Their vision aligns perfectly with our values, and I believe this transition will bring new opportunities for growth and innovation," said Mike Novak, Owner, Consolidated Coatings.

"The ability to offer complete building services is an important step in PAX's evolution and brings us closer to establishing the Company as the country's premium exterior services company," said Shaun Vasavada, Principal at New State. "New State stands ready to support further growth, as PAX continues to explore additional organic and M&A opportunities."

Calfee, Halter & Griswold LLP acted as legal advisors to PAX Services Group. Royston, Mueller, McLean & Reid, LLP acted as legal advisor for Consolidated Coatings.

About PAX Services Group
PAX Services Group, formerly known as Patuxent Roofing & Contracting, Inc., 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 https://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 seeks to invest in market-leading, middle market companies with services-based business models. New State and its affiliates have invested in over 40 companies to date. For more information, visit www.newstatecp.com.

Media contact:

Lambert by LLYC
Joanne Lessner, [email protected], 212-222-7436
Caroline Luz, [email protected], 203-570-6462

SOURCE New State Capital Partners LLC