PAX SERVICES GROUP ACQUIRES CULBERTSON COMPANY OF VIRGINIA

Strengthens Commercial Roofing & Restoration Capabilities in the Mid-Atlantic Region

MILLERSVILLE, Md., April 29, 2025 /PRNewswire/ -- PAX Services Group ("PAX"), a leading provider of roofing and exterior services, has acquired Culbertson Company of Virginia, LLC ("Culbertson" or "the Company"), a premier provider of commercial restoration, roofing, and masonry services in the Mid-Atlantic region. This acquisition strengthens PAX's ability to provide comprehensive roofing and building envelope services for its customers across its entire platform. PAX is a portfolio company of New State Capital Partners, a middle market private equity firm with over a decade of experience partnering with entrepreneurial management teams. Terms of the transaction were not disclosed.

Founded in 1938, Culbertson has built a strong reputation for high-quality craftsmanship and innovative roofing and restoration solutions. Specializing in masonry repair, waterproofing, and roofing, the Company serves a diverse range of clients, including schools, hospitals, historic landmarks, and commercial buildings. Culbertson's commitment to excellence and long-standing industry expertise makes it a perfect fit for PAX's mission of delivering customized top-tier roofing and restoration services.

"Culbertson's legacy of quality craftsmanship, client-first approach, and technical expertise aligns with our core values. Together, we will continue to provide exceptional restoration and roofing solutions with an ever-increasing level of service and innovation for our clients," said Mike Wade, CEO of PAX.

The integration of Culbertson into the PAX network will increase operational capacity and strengthen expertise in handling complex restoration and roofing projects. Clients of both companies can expect a seamless transition, with no disruption to ongoing projects.

"Joining forces with PAX marks an exciting new chapter for Culbertson," said John Bourque, President of Culbertson. "For more than 85 years, we've built our reputation on quality workmanship, trusted relationships, and a deep commitment to our clients. Partnering with PAX allows us to continue that legacy while expanding our capabilities and resources. We're confident this move will bring tremendous value to both our employees and our clients across the region."

"With each acquisition, PAX increases its geographic range and breadth of services," said Shaun Vasavada, Principal at New State. "It's exciting for us at New State to be part of PAX's growth, and we look forward to continued expansion, through both organic and M&A opportunities."

About PAX Services Group
PAX Services Group, formerly known as Patuxent Roofing & Contracting, Inc., is an innovative building envelope company providing comprehensive roofing, waterproofing and restoration services. Our companies serve commercial, institutional, and industrial clients with large-scale facilities and mission critical operations — allowing facilities to operate at capacity with little or no disruption. From emergency repairs to complex design and build projects, we offer our clients a complete end-to-end partnership with precision driven solutions — protecting your building from the outside in. 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. The Firm takes a long-term approach, partnering with company founders and independent sponsors in an effort to create lasting value. New State seeks to invest in market-leading, middle market companies with services-based business models and has completed over 45 acquisitions 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