Citizens Capital Markets & Advisory served as the lead financial advisor to Progressive Roofing, a provider of commercial roofing services to education, technology, industrial, healthcare and government clients, on its agreement to be acquired by TopBuild Corp.  in an all-cash transaction valued at $810 million. Progressive was previously a portfolio company of Denver-based Bow River Capital, a middle-market private equity firm.

Founded in 1978 and headquartered in Phoenix, Progressive provides a full suite of commercial roofing services including installation, re-roofing and recurring maintenance services to customers across the United States. Over the last four years, the company experienced strong organic growth and executed on a disciplined and deliberate acquisition strategy. Progressive has more than 1,700 employees.

Nick Hadden, CEO of Progressive, said: “The Citizens team provided sound guidance and leverage throughout the entire process. They always acted with our best interest in mind, and we appreciate the time they took to learn our business and lead this transaction. We thoroughly enjoyed working with the Citizens team and are excited to begin our partnership with TopBuild.”

Greg Hiatrides, Managing Director and Head of Private Equity at Bow River Capital, added: “The Citizens team served as a trusted partner to Bow River from pitch to close. Their experience in the commercial roofing sector was instrumental to achieving a successful outcome for all parties.”

Ryan Sugrue, Managing Director at Citizens, said: “This was a transformational transaction for Progressive and Bow River. Management has built an industry-leading platform that is positioned for long-term growth through its new partnership with TopBuild. We look forward to following their continued success.”