New State Capital Partners Acquires Majority Stake in Patuxent Roofing & Contracting

Patuxent Roofing & Contracting Acquires L.D. Tebben Company

March 15, 2023

Construction

Patuxent Roofing & Contracting, a New State Capital Partners-backed roofing platform, has acquired Austin-based L.D. Tebben Company, a commercial re-roofing contractor serving Texas and Oklahoma. The deal (terms undisclosed) marks Patuxent's first expansion into the Texas market and represents a geographic add-on to its Mid-Atlantic footprint.

PAX Services Group (New State Capital-backed) Acquires Cram Roofing

February 1, 2024

Construction

PAX Services Group, a New State Capital Partners-backed exterior services platform, has acquired San Antonio-based Cram Roofing. The deal expands PAX's footprint in Texas and broadens its institutional roofing and exterior services capabilities; senior management of Cram will remain with the company. Terms were not disclosed.

PAX Services Group Acquires Culbertson Company of Virginia

April 29, 2025

Construction

PAX Services Group, a New State Capital Partners portfolio company, has acquired Culbertson Company of Virginia, a commercial roofing, restoration and masonry contractor serving schools, hospitals and other institutional clients in the Mid‑Atlantic. The add‑on expands PAX’s building‑envelope capabilities and regional capacity; terms were not disclosed.

PAX Services Group Acquires Consolidated Coatings

September 24, 2024

Construction

PAX Services Group, a New State Capital Partners-backed exterior services platform, has acquired Baltimore-based Consolidated Coatings, Inc. The deal expands PAX’s building-envelope capabilities—adding masonry, concrete and specialty coatings services—and deepens its presence in the Baltimore/DC Mid-Atlantic region; Consolidated Coatings’ management will remain in place.

The Waterproofing Company Acquires Phoenix Bay State Construction Company, Inc.

January 5, 2023

Construction

The Waterproofing Company, a long-established waterproofing and restoration contractor, has acquired Phoenix Bay State Construction Company, Inc., a nearly 50-year-old New England masonry construction and restoration firm based in Boston, Massachusetts. The acquisition expands The Waterproofing Company's masonry and restoration capabilities and positions the combined organization to pursue additional regional growth opportunities.

RCap Equity Partners Leads Majority Recapitalization of Northeast Contracting Corp.

September 4, 2024

Construction

RCap Equity Partners led a majority recapitalization of Northeast Contracting Corp. (NECC) in partnership with Monroe Capital LLC and existing shareholders. NECC, a Lorton, Virginia–based full-service commercial roofing company serving education, government, multi-family and industrial end markets across the Mid-Atlantic, will use the partnership capital to invest in its team, expand service offerings and pursue strategic acquisitions.