Citizens M&A Advisory served as the financial advisor to New State Capital on its acquisition of Patuxent Roofing and Contracting, an independent provider of re-roofing installation and services.

New State has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials and consumer. New State and its affiliates have invested in more than 30 companies to date.

Headquartered in Laurel, MD, with operations across the mid-Atlantic region, Patuxent primarily focuses on re-roofing services to hospitals, schools, government buildings and other high-end facilities that are subject to complex bid procedures and require operational specialization.

“Citizens’ deep understanding of facility services and extensive knowledge of the growth trends, value drivers and market dynamics in the roofing sector provided our team with valuable insight into the exciting growth potential for Patuxent,” said New State Vice President Shaun Vasavada. "Together with management, we intend to explore strategic acquisitions targeted at geographic expansion as well as complementary building maintenance, repair and renovation services. We look forward to building on Patuxent's legacy of excellence."

Ryan Sugrue, managing director at Citizens M&A Advisory, said: “We were thrilled to work with New State on this acquisition and are excited to watch the continued growth of the platform under this new partnership.”