Restoration Builders Expands into Colorado and Wyoming Acquisition of Sorenson Roofing & Exteriors
Restoration Builders, Inc. ("Restoration Builders" or "The Company") announced today that it has signed an asset purchase agreement to acquire Mile High Restoration, Inc. DBA Sorensen Roofing and Exteriors, G.C. ("Sorensen Roofing and Exteriors"), headquartered in Greeley, CO.
Founded in 2017, Restoration Builders is focused on building a strategic network of licensed contractors and other industry-related acquisitions disbursed in key geographical areas across the United States. The Restoration Builders network of companies will include a global infrastructure of offices, teams, equipment, trucks and other resources operating together to capitalize on the explosive growth of the $210B+ insurance restoration industry.
The Company estimates the consolidated companies will report more than $100 Million in revenue for 2019.
Sorensen Roofing and Exteriors was created after owner Brian Sorensen recognized the need for a new breed of storm restoration contractors in the industry – ones that operate under strong principles and understands the ins and outs of insurance claims.
Prior to founding the company, Brian served many years as a licensed insurance adjuster for the second largest company in the world as well as an agency manager for the Colorado Farm Bureau. Brian entered the roofing repair industry after years of seeing abusive contractors and insurance companies take advantage of homeowners. His goal is to ensure that homeowners are treated fairly, and their homes are restored quickly and correctly. The company reported $7 Million in revenue for 2018.
"I am eager to confirm that the acquisition of Sorensen Roofing and Exteriors is complete," said John Lorenz, Chairman and CEO of Restoration Builders, Inc. "This is a highly skilled team with a reputation for integrity that has earned respect throughout our industry. Furthermore, Brian's principles and expertise in both the construction and insurance industries undoubtedly make Sorensen Roofing & Exteriors a tremendous addition to our network."
Roofing repair is a rapidly growing sector of the $49 Billion roofing contractors' industry. This sector is considered fragmented, however, because it is largely comprised of local, privately held companies. The vast majority of roofing customers are insurance policy holders looking to file an insurance claim for a roof repair or replacement.