Onex’s ONCAP announces plans to buy Tecta America from Oaktree for $280M
ONCAP, the mid-market private equity arm of Onex Corporation, has announced its plans to acquire Tecta America, an Illinois-based provider of commercial roofing services, including installation, replacement and repair services. The deal, valued at US$280 million in total, will see ONCAP and its partners invest US $130 million. ONCAP is acquiring Tecta from U.S. private equity firm Oaktree Capital Management.
The transaction is expected to close during the third quarter of 2016, subject to customary closing conditions and regulatory approvals.
“Tecta America is an industry leader with an exceptional reputation for best-in-class responsiveness and a depth of resources that is unmatched in the sector,” says Evan Hershberg, a Managing Director with ONCAP. “We are excited to partner with Tecta America’s management team to support its next phase of growth.”
ONCAP III, related entities, other investors and management of Tecta America will make an equity investment of approximately $130 million. This is expected to be the last investment for ONCAP III.
Onex Corporation is a member of the Canadian Venture Capital and Private Equity Association.