The Bottom Line: NewSpring Invests in Northpoint Roofing Systems
February 23, 2023
Northpoint is a leading roof repair and replacement company
Northpoint is a leading 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 best in class 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.
Northpoint will use the proceeds of this transaction to build out a roofing services platform company
The partnership with Halmos initiates a platform in the roofing services industry which will be led by incoming CEO Patrick Maginn, who joins most recently from Inland Pipe Rehabilitation, and the co-founders of Northpoint, Keith Priddy, Joseph Happe III, and Joseph Happe IV.
“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. We are thrilled to partner with Northpoint and Halmos Capital to continue scaling this business.”
Northpoint has acquired Master Roofers as part of the transaction
As part of this transaction, Northpoint has also acquired Master Roofers (“Master”) located in Manchester, New Hampshire. Established in 1942, Master has served the New Hampshire and Massachusetts region for three generations, during which it has developed an extraordinary reputation in roof and skylight repair and replacement in the non-insurance retail market. The deal represents the company’s first acquisition, and it intends to continue to pursue additional add-on opportunities to build scale and expand throughout the U.S.
Northpoint will focus on expanding the company in existing markets and adjacent product categories
With the financial and operational support of NewSpring and Halmos, Northpoint will focus on expanding the company by acquiring other players in the fragmented roofing space and pursuing growth in existing markets, as well as adjacent product categories.
“We are excited to enter into a partnership that will accelerate our growth throughout the country. Access to 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. Combined with the intellectual and financial capital provided by NewSpring, we’ve built an excellent foundation on which we can continue our rapid growth.”