"It is a new day at Latite as not only do we
live to fight another day, with the strength
of our new financial partner and the injection
of cash onto our balance sheet, we are
well-positioned in terms of taking advantage
of the improving economy. I am happy
that the deal is closed and I cannot thank the
folks at CCG enough for the support, the hard
work and the counseling sessions required to
get this deal across the finish line!
CCG was the glue that held the process
together and I am deeply indebted to them for
helping us get through to the other side;
they are top of class in the services they
provide, bar none."
Steve Struve, President
Latite Roofing and Sheetmetal Company
Roofing & Sheetmetal Company Acquired By Lincolnshire
Florida's best roofing company to a private equity
CCG has had the privilege of selling Latite Roofing &
Sheetmetal twice - once in 2007 and again in 2010.
the time of the initial sale, Latite was the fourth
largest roofing business in the United States and was
owned by a father and son team, Dave and Steve Struve.
The pair decided to sell to a private equity buyer and
the deal allowed Dave to cash in his chips and retire.
Steve and his team stayed on with a vested equity
interest to run and grow the business alongside their
new financial partner. CCG maintained a close
relationship with the Struve family and the company
Unfortunately, in the three years following the deal,
the housing market collapsed nationwide and the
economy’s weakness caused the Florida roofing business
to erode considerably. The debt structure that had
seemed reasonable for Latite in 2007 became untenable.
Steve led a restructuring effort to help the company
survive, but as harsh market conditions continued
through 2010, Steve’s investors made a decision either
to liquidate to avoid future losses or sell the company
if possible. As Latite had turned to CCG in their time
of success, they also looked to CCG as a trusted advisor
in their time of trouble. Steve and his financial
partners asked CCG to determine if a sale would be
possible even with considerable current operating losses
and no clear signs of a bottom.
CCG worked very quickly under a specific mandate to find
a buyer for the company. Together, we identified a large
private equity group with a successful history of buying
great companies under trying circumstances. A deal was
negotiated and closed on a very expedited time frame
which allowed the investor to limit its losses and the
management team to work out a new deal with their new
financial partners. The company, buttressed by new
capital, was able to continue with the hope that they
had weathered the worst of the storm and would begin to
grow and profit again as the economy began to recover.