Canadian long-term private equity firm Altas Partners, Toronto, has agreed to buy U.S. commercial roofing contractor Tecta America Corp., Rosemont, Ill., according to www.pehub.com. Terms were not released for the deal, which is expected to close in the fourth quarter.
The seller is ONCAP, the mid-market arm of Canadian PE firm Onex Corp. ONCAP acquired Tecta America two years ago for $280 million from Oaktree Capital Management. ONCAP invested $124 million in the deal.
Tecta America was created in 2000 with the merger of 10 roofing companies. It currently operates through 60-plus locations, providing installation, replacement, repairs and maintenance, new construction and other roofing services to a range of U.S. industries and end markets.
President and CEO Mark Santacrose, who has led Tecta America since 2014, said Altas Partners will help the company execute on organic and mergers and acquisitions growth opportunities.
Altas Partner David Brent said Tecta America is an "excellent fit" with the investor's long-term strategy.
Altas was founded in 2012 to make control-stake investments in hard-to-replicate businesses and hold them indefinitely. Tecta America is the firm's third platform deal in 2018.
