Roofed Right America acquires Upstate Roofing & Painting
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NRCA member Roofed Right America, Milwaukee, backed by private equity firm Great Range Capital, Mission Woods, Kan., has announced its acquisition of NRCA member Upstate Roofing & Painting Inc., Rochester, N.Y.
Upstate Roofing & Painting is Roofed Right America’s first acquisition. Bob Morgan, president of Upstate Roofing & Painting since 2016, will continue to lead the organization under the Upstate Roofing & Painting brand post-acquisition while making active contributions to the broader platform of Roofed Right America.
“Roofed Right America is a perfect fit for Upstate Roofing & Painting and its people,” Morgan says. “We share the same culture, standards and vision for the future.”
“Upstate Roofing & Painting has been providing outstanding services for 50 years and has a well-deserved reputation for excellence,” adds Adam Brissman, CEO of Roofed Right America. “We are honored to partner with Morgan and his entire organization in achieving future successes.”
To read more about succession planning, see “Passing the torch.”
Extreme heat expected to increase cardiovascular deaths
According to a study supported by the National Institutes of Health and published in Circulation, cardiovascular-related deaths are predicted to nearly triple from the annual average of 1,651 to 4,320 by mid-century (defined as 2036-2065). Older and Black adults are likely to be the most affected because of chronic illness and socio-economic challenges, according to Bloomberg.
Exposure to high temperatures stresses the cardiovascular system, forcing the heart to work harder, which increases the odds of having a heart attack, stroke or other life-threatening episode.
The authors of the study evaluated county-level data from the contiguous 48 U.S. states during summer months from 2008-2019 and examined the connection between extreme heat (days with a heat index of 90 F or higher) and cardiovascular mortality, with humidity levels and projected population levels taken into consideration.
The authors model how heat would increase using a middle-of-the-road climate emissions projection and calculated how it would affect mortality, noting the death toll could increase to 5,491 if emissions rise sharply.
The authors call for infrastructure upgrades to help communities adapt to a hotter future. The full study is available at ahajournals.org.
SPFA executive director announces retirement
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The Spray Polyurethane Foam Alliance has announced the retirement of Executive Director Richard S. Duncan. Duncan will complete his term with SPFA in April 2024 and will stay on in a consulting role as technical director.
Duncan began his role as executive director in 2020, previously serving as technical director since 2008. He also previously held roles as senior marketing manager of spray foam insulation for Honeywell Specialty Materials, Charlotte, N.C., and global director of new product development for CertainTeed, Malvern, Pa.
“I am happy with what the SPFA board of directors, committees and staff have been able to accomplish these past few years,” Duncan says. “I am comfortable passing the torch along, as well as being able to continue with SPFA as technical director.” The process to identify SPFA’s new executive director is underway.
UL Solutions files registration statement for proposed offering
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UL Solutions Inc. has announced it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.
The proposed offering is subject to market and other conditions; there is no assurance as to whether or when the offering may be completed, the number of shares to be offered or the price range.
All shares of Class A common stock to be sold in the proposed offering will be sold by UL Standards & Engagement, a nonprofit organization and sole stockholder of UL Solutions. UL Solutions is not offering any shares of its Class A common stock and will not receive any proceeds from the proposed sale of the shares.
Goldman Sachs & Co., New York, and J.P. Morgan Securities, New York, will act as lead managing bookrunners with Bank of America Securities, New York, acting as a manager bookrunner. Citigroup, New York; Jefferies Group, New York; and UBS Investment Bank, New York, will act as additional bookrunners. Baird, Milwaukee; Raymond James, St. Petersburg, Fla.; Stifel, St. Louis; Wells Fargo Securities, San Francisco; and William Blair & Co., Chicago, will act as co-managers for the proposed offering.
The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. at (866) 471-2526 or prospectus-ny@ny.email.gs.com; or from J.P. Morgan Securities at (866) 803-9204 or prospectus-eq_fi@jpmchase.com.
FirstService acquires Roofing Corp of America
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FirstService Corp., Toronto, has announced its acquisition of Roofing Corp of America, Atlanta. The acquisition complements FirstService’s existing portfolio of market-leading essential property services brands and adds to its capabilities in property repair, maintenance and restoration.
Roofing Corp of America operates from 16 regional branch locations in 11 U.S. states and has more than 900 employees. Under the transaction terms, FirstService will acquire a significant controlling interest for a purchase price of $413 million. Roofing Corp of America’s senior leadership team, including Randy Korach, Roofing Corp of America’s CEO, will retain the balance of the equity and continue to operate the business going forward.
“We are delighted to be partnering with FirstService, which brings a like-minded culture and strategic vision,” Korach says. “FirstService’s partnership philosophy, combined with its strong balance sheet, will enable us to continue to drive our growth and vision of becoming the national market-leading player in the commercial roofing industry.”
“Roofing Corp of America offers a unique opportunity to add a leading commerical roofing services enterprise with significant scale, strong leadership and a broad geographic footprint,” says Scott Patterson, FirstService’s CEO. “Roofing shares many of the same attractive characteristics as our other businesses in terms of being an essential property service operating in a large, highly fragmented industry with significant growth potential. We are excited about working together to build the premier roofing contractor in North America.”
Small businesses offer more family-friendly benefits
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A report from The Best Place for Working Parents, “Making the Connection: How Small Business is Gaining a Competitive Edge through Family-Friendly Policies,” shows when small businesses offer benefits such as health coverage, parental leave and flexible work options, it can lead to improvements in employee productivity, motivation, satisfaction and health, according to HR Dive.
The analysis of 49 U.S. employers found those offering health coverage were four times more likely to have high-performing employees. Small businesses offering maternity leave were more than 50 times more likely to have high performers.
The report also shows remote work options and child care assistance increased employee motivation and health, as well as employee satisfaction with personal relationships. Paid time off increased personal relationship satisfaction by more than 16 times.
In a press release accompanying the report, Sadie Funk, national director of The Best Place for Working Parents, says small businesses increasingly offer family-friendly benefits, which is a significant trend considering small businesses account for many U.S. firms and employ nearly 50% of the U.S. workforce.
Additional research supports the trend. Virtual women and family health vendor Maven found 63% of human resources professionals said their companies plan to increase family health benefits and 87% said such benefits are “extremely important” to current and prospective employees. The Best Place for Working Parents’ full report is available at bestplace4workingparents.com.
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