EVANSTON, Ill. —   Silver Oak Services Partners L.L.C. has led the recapitalization of North American Roofing Services Inc. – one of the largest U.S. roofing contractors — in partnership with management and co-investors.

Terms of the deal were not disclosed.

Silver Oak is a leading lower middle market private equity firm focused exclusively on service businesses. Investing primarily in business, healthcare, and consumer services companies, Silver Oak typically favors businesses with EBITDA (earnings before interest, taxes, depreciation, and amortization) of $4 million to $20 million.

Tampa, Fla.-based North American Roofing is a national provider of commercial reroofing and maintenance services across the U.S.

The company focuses on large, low slope commercial and industrial roofs, and services clients in all 50 states and Puerto Rico. In 2018, NAR completed more than 500 reroofing and 5,000 service jobs. It was No. 6 on RC’s 2018 Top 100 Roofing Contractors list with reported revenue of $165 million and peak staff of 475.

The company that was founded in 1979 by Carl Verble has made several relatively recent changes in leadership, including appointing Kelly Wade as CEO. It also relocated to Tampa. 

North American Roofing said it will continue to operate under the same name, structure and strategy, led by Wade, who is also a newly appointed board member.

“Our team is excited to partner with Silver Oak to execute on our long-term growth plan. We’re at an exciting inflection point in our Company’s history, and we believe Silver Oak’s long track record of executing on aggressive growth strategies alongside their management partners made them the ideal partner for us. We look forward to working with them to further invest in our crew capacity, sales, marketing, field management and IT infrastructure so we can better service our clients and continue our strong growth trajectory,” said Wade in a statement.

Silver Oak said in a press release that it was attracted to NAR given the company’s differentiated approach to servicing its national account client base and significant growth potential.

Dan Gill, managing partner at Silver Oak, said, “We are excited to partner with NAR’s management team. The company has a successful track record of growth and a strong reputation in the industry as one of the few reroofing providers able to service the entire country. We look forward to leveraging the company’s existing platform to accelerate NAR’s growth.”