Bow River Capital (“Bow River”), a private equity firm based in Denver, Colorado, announced today that it has completed the recapitalization of Progressive Roofing (“Progressive” or the “Company”).
Headquartered in Phoenix, Arizona, Progressive Roofing is a full-service commercial roofing business providing re-roofing, new construction, service, and emergency repair solutions to customers across the education, government, industrial, healthcare, hospitality, and retail landscape. Serving as a value-added partner to customers, Progressive provides unique roofing solutions, as well as consistent, safe, and quality project delivery. Progressive’s self-performance model emphasizes technical excellence on large, complex projects and small maintenance repairs alike. From concept to project completion, the Company focuses on creating long-term value for clients.
“Progressive’s commitment to customers and quality, which is supported by our family-oriented culture, is the centerpiece of the Company’s success. Over our decades-long history, our leadership team has continually identified new advances in roofing materials, technologies, and installation, and our highly-skilled, trained, and certified professionals continue to deliver extraordinary work every time we set foot on a roof,” said Mark Farrell, Progressive’s Chief Executive Officer.
Farrell’s long-time partner and Progressive shareholder Mike Hadden went on to state, “We could not be more excited about the partnership with Bow River, and we look forward to making continued investments to enhance how we serve our customers and support the growth of our business and our employees.”
Bow River Capital seeks to invest in leading middle market companies that provide infrastructure solutions. “Progressive is a market leader in commercial roofing solutions, and the leadership team has assembled a long roster of clients that trust the Company time and time again,” commented Greg Hiatrides, Managing Director at Bow River Capital.
Progressive’s management team (who participated in the recapitalization) will retain a meaningful ownership stake in the Company and continue to lead the organization and deliver quality services to customers as they have for the past several decades.
Brownstein Hyatt Farber Schreck, LLP served as legal counsel to Bow River. Gammage & Burnham served as legal counsel to Progressive.