Two mid-market private equity firms invest capital into family-owned commercial roofing outfit.
Northeast Contracting Corporation of Lorton, Virginia specializing in roofing for offices, industrial facilities and educational institutions has undergone a successful equity recapitalization with RCap Equity Partners of Philadelphia.
RCap Equity, a subsidiary of Renovus Capital Partners, announced yesterday in a news release that their middle market private equity firm collaborated with Monroe Capital LLC and existing shareholders of New England Chemical Corporation to complete a cash injection transaction for New England Chemical Chemical Corp (NECC). No terms were released regarding this arrangement.
NECC was established in 1994 and provides professional roofing, repair and maintenance services throughout Washington D.C., Virginia, Maryland and Florida markets. Led by Eion and Sean Kelley – brothers that oversee daily operations of this family-owned business -, this family business operates out of Virginia with locations serving Maryland, DC and Florida markets.
Eion Kelley, CEO of NECC, expressed their delight at working with RCap: “With their assistance we plan on investing in our team members and expanding service offerings and footprint, as well as exploring strategic acquisitions.
RCap Equity invests in lower middle market businesses through control equity and select minority investments, according to its LinkedIn profile; RCap partners with owners and management teams that share its vision of creating long-term value and taking companies forward to achieve growth and innovation.
Renovus Capital was recently recognized with a top ranking on the HEC-Dow Jones Small-Cap Private Equity Performance Rankings, managing $1.5 billion under management. RCap Partner Matthew Raymon said this investment in NECC would enable RCap to partner with and support its ongoing success; an exciting time in commercial roofing, when NECC had created an outstanding operation.
