New York, NY, April 11, 2024 – On April 1, 2024, Harkness Capital Partners (“Harkness” or “HCP”), a private equity firm focused on investments in leading service-oriented companies, completed an investment in Best Roofing LLC (“Best” or the “Company”), a leading commercial roofing platform based in Fort Lauderdale, Florida.
Gregg Wallick (CEO) acquired Best in 2001 and has run the company for the last 20+ years. Best is a commercial roofing business focused on complex and large, value-added repair and replacement jobs to commercial customers in South Florida. Best focuses their work on large condominium projects, industrial warehouses, large community projects, healthcare facilities and other large commercial opportunities. Best also provides critical maintenance and repair work for customers. The Company possesses strong operating systems, backed by a highly experienced management team that has increased revenue by nearly 20% per year since 2020. Best is committed to a strong culture of employee safety and training, which contributes to Best being a premier commercial roofing contractor in South Florida.
The Harkness investment was led by Ian Handsman and Ted Dardani and represents HCP’s fifth platform investment in business services companies. A broader Harkness team of Rich Perry, Ian Handsman, Ted Dardani and Ian Ardrey will serve as a resource to Best senior management in support of business building and growth initiatives. They bring deep investment and operating experience in field and facility services and will be working closely with Gregg Wallick and his team on expanding existing locations and adding new greenfield branches in adjacent locations in Florida.
Field and facility services is an important investment segment for Harkness Capital. “We are thrilled to embark on this partnership with Harkness Capital Partners. Their expertise and resources will be invaluable as we negotiate the next phase of our growth strategy,” said Gregg Wallick, CEO at Best Roofing. “This is an important partnership and opportunity to work with a great leader and company and address one of the most attractive commercial roofing markets in the country,” said Ian Handsman, Principal at Harkness Capital Partners.
Akerman LLP served as legal advisors for HCP. CCG Advisors acted as financial advisor and Greenberg Traurig LLP served as legal advisor for Best Roofing. Tree Line Capital Partners provided debt financing for the transaction.
About Best Roofing
Best Roofing is a South Florida based premier full-service commercial roofer providing re-roofing/replacement, maintenance and repair, water proofing, and roof restoration focused on complex opportunities and providing key value-added services. The Company has a strong commitment to safety and training and has invested throughout the years in systems and the overall infrastructure in the business. The Company is based in Fort Lauderdale, FL with another location in Miami, FL and an upcoming opening in West Palm Beach. For more information, please visit https://www.bestroofing.net.
About Harkness Capital
Harkness Capital Partners, based in New York City, is a private equity investment firm focused exclusively on investing in and building service-oriented companies. Harkness is dedicated to ‘transformational’ investing and building long-term value in its portfolio companies by leveraging its deep bench of investment and operating talent. The Harkness team works in partnership with business owners and managers seeking to grow their companies by investing capital and committing operating resources to support rapid and profitable growth.
The Harkness Capital team consists of investment professionals and former operating executives with diverse backgrounds as business founders, builders and leaders in services businesses. Harkness Capital focuses on investments across a variety of segments within business and outsourced services, and where the team has deep experience and expertise. Priority segments include field and facility services, specialty rental, logistics and distribution services, industrial and infrastructure services, and other outsourced services. For more information, please visit https://www.harknesscapital.com