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New State Capital Partners Acquires Majority Stake in Patuxent Roofing and Contracting.

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MANews-(C)2009-2022

US-based private equity firm New State Capital Partners has acquired a majority stake in Maryland, US-based re-roofing installation and services provider Patuxent Roofing and Contracting, Inc, the firm said.

New State is partnering with current owner and CEO Mike Gowl, who will remain with the company and retain a significant equity stake.

Terms of the transaction were not disclosed.

Headquartered in Laurel, Maryland, with operations across the mid-Atlantic region, Patuxent primarily focuses on re-roofing services to hospitals, schools, government buildings, and other high-end facilities that are subject to complex bid procedures and require operational specialization.

The acquisition of Patuxent marks New State's fourth deal in five months and the third platform investment in New State Capital Partners Fund III, LP, which was raised and activated last year.

Morgan, Lewis and Bockius...

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