Halmos Capital Partners, a private equity firm focused on lower middle-market companies, partnered with Northpoint Roofing Systems to support its growth and expansion into new markets. NewSpring, a family of private equity strategies, invested subordinated debt and equity to support the transaction.
Northpoint is a provider of roof repair and replacement services to single-family and multi-family residential customers in the greater Atlanta metropolitan area. The company has earned a reputation for providing service to properties that have been damaged by hail or wind and require specialized expertise when navigating the complex insurance reimbursement process. Northpoint also serves customers replacing their roofs without insurance assistance as well as those with solar and gutter installation needs.
As part of the transaction, Northpoint welcomes the addition of Patrick Maginn to its executive team who will serve as CEO of the company. Maginn joins most recently from Inland Pipe Rehabilitation, where he acted as chief operating officer.
The partnership with Halmos initiates a platform in the roofing services industry which will be led by Maginn and the co-founders of Northpoint, Keith Priddy, Joseph Happe III and Joseph Happe IV.
“We are excited to enter into a partnership with Halmos and Patrick that will accelerate our growth throughout the country. Access to their collective resources and experience scaling lower middle-market businesses will position the company for this next phase and allow us to capitalize on opportunities we see in the market,” Priddy said. “Combined with the intellectual and financial capital provided by NewSpring, we’ve built an excellent foundation on which we can continue our rapid growth.”
“The Northpoint team has built a best-in-class process in the roofing industry, enabled with technology unlike anything that is available in the market. The result allows the company to provide a high-quality roofing experience with exceptional customer service,” Daniel Adan, partner at Halmos Capital, said. “We are excited to partner with NewSpring and support this transaction that positions Northpoint to consolidate the highly fragmented residential roofing market and expand its unique approach into attractive high-growth markets throughout the United States.”
“Throughout its history, Northpoint has done a tremendous job expanding across the greater Atlanta area by offering specialty services that filled a significant need in the market. Patrick is a proven leader, and we are confident that he can take the company into new geographies,” Anne Vazquez, general partner at NewSpring, said. “We are thrilled to partner with Northpoint and Halmos Capital to continue scaling this business.”
