Bessemer Investors' Legacy Restoration Partners with Southern Roofing and Renovations

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Jan 10, 2024, 07:01 ET

PLYMOUTH, Minn., Jan. 10, 2024 /PRNewswire/ -- Legacy Restoration ("Legacy" or the "Company"), a leading provider of exterior restoration and remodeling services, and Southern Roofing and Renovations ("Southern"), a Memphis-based provider of exterior restoration and remodeling services specializing in roofing, today announced a merger between the two companies. Legacy is a portfolio company of Bessemer Investors LLC ("Bessemer"), a New-York based investment firm. Financial terms of the transaction were not disclosed.

Scott Mullins, CEO of Legacy, said, "We are excited to announce this strategic merger and welcome the Southern team to Legacy. The partnership marks a pivotal moment for Legacy, extending our geographic footprint across the South under a market-leading brand. It further solidifies Legacy as one of the largest residential roofing contractors in the country, with a contiguous footprint from Minnesota to Florida. Combining Legacy Restoration, Janney Roofing and now Southern advances our vision of serving customers with the highest quality experience in exterior restoration and remodeling services across the country."

Founded in 2017, Southern is the Mid-South's fastest growing provider of exterior restoration and remodeling services, with 15 offices across Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, Missouri, and Tennessee. Southern's existing management team will continue to lead the company under the Southern brand.

Shi Eubank, Founder of Southern, said, "We are excited to join the Legacy family and continue our path of accelerated growth. Under the Legacy umbrella, we will maintain our commitment to quality exterior restoration and remodeling services, while receiving additional resources for our team to promote sustained success in our markets. The synergies between our companies ensure that Southern will remain a leading name in exterior restoration and remodeling services across the Mid-South and beyond."

The addition of Southern marks Legacy's second transaction since Bessemer's majority investment in 2021. The combination of Legacy, Janney Roofing (acquired November 2022), and Southern creates one of the largest residential roofing contractors in the industry, with a footprint diversified across 25 locations in 13 states.

Tree Line Capital Partners, Brightwood Capital, and LBC Credit Partners provided debt financing for the transaction.

Legacy continues to actively seek strategic partnerships with high-quality exterior restoration and remodeling service providers. Please contact Andrew Mendelsohn ([email protected]) or Amit Singh ([email protected]) to learn more.

About Legacy Restoration
Founded in 2011, Legacy Restoration is a leading provider of exterior restoration and remodeling services, including roofing, windows, siding, and gutters. Headquartered near Minneapolis, with additional offices in Chicago, Denver, Des Moines, Omaha, St. Cloud and Rochester, MN, Legacy is primarily focused on re-roofing services to the single-family and multi-family residential markets across the upper Midwest and in Florida under the Janney brand. Legacy is among few players of scale with significant restoration expertise, a reputation for high-quality products and services and focus on serving local markets. For further information, please visit https://www.legacyrestorationllc.com/ and https://www.janneyroofing.com/.

About Southern Roofing and Renovations
Founded in 2017, Southern is a leading provider of exterior restoration and remodeling services, specializing in roofing across the Mid-South to the residential market. Southern is headquartered in Memphis, with 15 offices across Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, Missouri, and Tennessee. For further information, please visit https://southernrnr.com/.

About Bessemer Investors
Bessemer Investors is a New York-based investment firm focused on partnering with middle market businesses to support growth and enhance value creation. Bessemer differentiates itself by combining a long-term, flexible capital base with a team of experienced private equity professionals. This approach offers unique solutions to Bessemer's partners and the flexibility to maximize long-term value. For further information, please visit https://www.bessemerinvestors.com.

Contact:
Joanne Lessner
Lambert
212-222-7436
[email protected]

SOURCE Bessemer Investors