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Bow River Capital Recapitalizes Progressive Roofing
October, 5 2021 | Private Equity

Bow River Capital Recapitalizes Progressive Roofing, a Leading Provider of Commercial Roofing Services

October 5, 2021 – 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.

Mark Farrell, Progressive’s Chief Executive Officer, said, “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.” 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.” Nick Hadden added, “We are excited to grow the Progressive brand into new markets through existing and new customer relationships and continue our commitment to providing best-in-class roofing systems.”

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. He added, “Progressive has a terrific reputation that dates back decades, and we are thrilled to be a part of the continued success story.” Adi Leonard, Senior Associate at Bow River Capital, added, “When we look at the state of roofing infrastructure in Progressive’s key markets and across the country, it is aging, and the repair/replacement decision is not discretionary. Students, patients, governments, consumers, and event fans rely on Progressive to maintain building integrity. We look forward to expanding the Company’s footprint in order to advance communities across the nation.”

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.

About Progressive: Progressive Roofing and its affiliates provide commercial roofing services to direct customers and general contractors. The Company’s suite of services span all roofing types and include design-build, retrofit/re-roofing, emergency or break-fix repair, and maintenance. Progressive operates with super-regional scale, driven by local sales and delivery. The firm has established a market-leading position by completing thousands of re-roofing and new construction projects in some of the most challenging environments across the United States.

About Bow River Capital: Bow River Capital is a private alternative asset management company based in Denver, Colorado, focused on investing in the lower middle market in three asset classes, including private equity, real estate, and software growth equity.