Achates Ventures, RCap Equity and Deerpath Capital Management jointly announced that it has acquired a controlling interest in Houston-based Roadrunner Restoration.
Founded in 2003, Roadrunner is a provider or restoration services related to damage caused by fire, water and natural disasters in Houston and the Gulf Coast region. It provides both mitigation and construction services ranging from insurance carriers and adjusters to property owners, on jobs ranging from small, everyday losses to large natural disasters. The company is experienced in handling every aspect of the claims process, including inspection, estimation and documentation. Roadrunner serves a balanced mix of commercial and residential customers.
"Since its founding, Roadrunner has focused on working tirelessly to respond and complete projects quickly -- without sacrificing quality," said Rick Daniel, CEO of Roadrunner. "We are excited that our new partners will deploy a team of experts to provide operational expertise and financial resources to drive our strategic growth initiatives."
"We are excited about the opportunity to team up with Roadrunner to help achieve its full potential," said Samir Bendriss, CEO of Achates Ventures. "Roadrunner is an impressive company that has significant opportunity for growth. Combining the operational expertise of Roadrunner management with the strategic and financial expertise of Achates, RCap and Deerpath creates an excellent team in our view."
"Rick and Roadrunner’s management team have built an extremely successful organization focused on quality, responsiveness and a customer centric philosophy," said Ching Wei, Partner of RCap Equity. "RCap Equity is excited to partner with Rick and his team on the next phase of Roadrunner’s growth."
Deerpath Capital provided both senior debt financing and an equity co-investment to facilitate the transaction.
Generational Capital Markets’ Senior Managing Director of Mergers & Acquisitions, Chris Heckert, with the support of Vice President Mergers & Acquisitions, Andre Farahmandi, successfully closed the deal. Executive Managing Director, Edward Weber established the initial relationship with Roadrunner.
“This is an exciting partnership for both Roadrunner and their new partners. I look forward to seeing these groups expand the Roadrunner brand and help facilitate strong continued growth,” said Heckert.
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