Bow River Capital, a Denver-based alternative asset management firm, announced that it has completed the sale of Progressive Roofing, a leading provider of commercial roofing services, to TopBuild Corp. in an all-cash transaction valued at $810 million.
Progressive Roofing, headquartered in Phoenix, Arizona, provides a comprehensive suite of commercial roofing services, including re-roofing, recurring maintenance, and new construction primarily across the education, technology, industrial, healthcare, and government end markets. Bow River Capital initially partnered with Progressive Roofing in September 2021. Over the past four years, Progressive expanded its geographic footprint and grew its workforce to more than 1,700 employees while also completing three strategic acquisitions. Throughout the partnership with Bow River Capital, the company invested heavily in talent, technology, and operational excellence, reinforcing its reputation as a best-in-class commercial roofing contractor.
“We are incredibly proud of our partnership with Progressive Roofing and the remarkable growth achieved over the past few years by a very talented and dedicated Progressive team,” said Greg Hiatrides, Managing Director and Head of Private Equity at Bow River Capital. He added, “The company’s commitment to quality, customer service, culture, and safety solidified its position as a national market leader in commercial roofing, and we believe TopBuild is well-positioned to continue building upon and supporting this strong foundation.”
Nick Hadden, CEO of Progressive Roofing, commented, “The entire Progressive Roofing team is excited to join forces with an industry leader that has a proven track record of growth following an excellent partnership with Bow River Capital. Our customer-centricity, focus on employees, and commitment to safety are well-matched with TopBuild’s core strengths. We look forward to a bright future and are thankful for the decades of trust from our loyal customers, trusted employees, and valued partners.”
