October 09
NewsCarousel Capital (“Carousel”) announced that it has partnered with management to sponsor the recapitalization and merger of covR (“covR”) and United Roofing and Contracting (“United” and combined, the “Company”), a leading roofing platform with a differentiated insurance services-centric approach to residential and commercial roofing and repair services.
covR, located in Denver, Colorado, provides roofing and exterior restoration services to residential customers in Colorado and Texas. Founded in 2022 by three insurance and roofing services veterans, Julie Wynn, Jennifer Hevelone and Jeff Turano, covR brings an insurance partnership mindset to the industry. The team’s experience in the insurance claims lifecycle and commitment to accurate repair / replace outcomes gives the Company a distinct advantage in delivering value to both the insured and the insurance carrier with each exterior restoration.
United, located in Clarkesville, Georgia, provides roofing and repair services to residential and commercial customers in Georgia and South Carolina. Founded in 2017 by a tenured roofing services leader, Jeremy Perry, United has a demonstrated history of recruiting, training and growing best-in-class roofing sales teams which has fueled its significant organic growth.
The combination of covR and United creates a distinctive roofing platform capable of offering best-in-class retail services and a frictionless approach to insurance-paid services, eliminating key pain points to both homeowners and insurers in the roofing claim lifecycle. The Company is uniquely positioned to become a leading, national roofing platform with unique capabilities in both retail and insurance-paid work. The Company will continue to maintain co-headquarters locations in Clarkesville, GA and Denver, CO.
“We chose to partner with Carousel given their proven track record of supporting growing service businesses combined with their extensive experience in the insurance services sector,” said Julie Wynn, CEO and Co-Founder of covR. “Through months of productive conversations with our team, Jeremy and Carousel about the potential combination of covR’s insurance and quality roof installation expertise and United’s retail and commercial experience, we are more excited than ever to embark on this next chapter as a unified platform.”
“I look forward to joining forces with the covR team to inflect United’s growth trajectory and continue to expand our footprint both organically and through M&A,” said Jeremy Perry, founder of United. “This combination will further enhance our ability to serve our customers in our existing footprint and accelerate our growth to new markets.”
The partnership was funded with equity from Carousel’s sixth fund and significant rollover equity from the founders of covR and United. K&L Gates served as legal advisor to Carousel.
