Brightstar Capital Partners, a New York-based private equity firm, announced late Wednesday evening that it had acquired Best Choice Roofing, one of the nation’s largest residential roofing concerns with more than 85 locations across 24 states.
Tennessee-based Best Choice, founded in 2009 by CEO Wayne Holloway, ranked ninth on Roofing Contractor’s 2024 Top 100 list, reporting revenue of more than $277 million in 2023. The company employs around 1,500 people and has serviced more than 60,000 customers across the country.
In the August 7 news release, Brightstar described Best Choice as having “…achieved sustained growth by rapidly scaling its operations, developing robust sales practices, and building valuable industry relationships.”
The release noted that Best Choice is a platinum purchaser with Owens Corning.
"We are excited to join forces with Brightstar to begin the next chapter for Best Choice Roofing,“ Holloway said in the statement. “Brightstar’s support and resources will enable us to further scale our operations and accelerate our growth while we maintain our focus on providing fast and reliable roof repairs and replacements.”
Crunchbase says Brightstar Capital has raised $2.3 billion across four funds. Its most recent fund, Brightstar Capital Partners Fund II, was announced in April 2021 and raised $1.3 billion. Crunchbase has a sole investor listed for the fund, Claure Group, a venture capital firm based in Miami.
Brightstar’s website states the firm has $2.7 billion under management. While financial details of the Best Choice purchase were not disclosed, the company’s website says a typical investment ranges between $50 million and $250 million.
The release offered no details on Best Choice operations. Still, Holloway’s statement and the language on its website, “[our operational approach] involves actively collaborating with portfolio companies to help them reach their full potential,” offer no reasons to think leadership will change.
Brightstar will hold five seats on the new company board. Those seats belong to the firm’s managing partners, including Bruce Robinson, president and COO, and partner Matthew Allard. Robinson praised Best Choice as having spent 15 years growing into the juggernaut it has since become.
"Best Choice Roofing has built a strong reputation in the market … [and we believe that we’ll be able to enhance their systems and infrastructure to support continued rapid geographic expansion," Robinson said.
Allard cited Best Choice’s emphasis on company culture, sustained growth and industry-leading position in the roofing sector as green flags for Brightstar.
"[Best Choice] operates in a highly fragmented industry with tremendous growth opportunities, and we look forward to partnering with Wayne and his team going forward.”
The PE firm Harris Williams served as Brightstar's financial advisor; Kirkland & Ellis LLP served as its legal counsel. BofA Securities served as Best Choice Roofing's financial advisor, and Bass, Berry & Sims PLC served as its legal counsel.
For more information, visit brightstarcp.com.
