Huron Capital's Rampart Exterior Services Adds Third Acquisition

The commercial roofing and building envelope services sector continues to attract private equity capital, with Huron Capital's Rampart Exterior Services platform announcing its third add-on acquisition in just 17 months. The Detroit-based lower middle-market firm revealed today that Rampart has acquired Colorado Moisture Control, Inc. (CMC), a Denver, Colorado-based roofing and waterproofing company that has served the Rocky Mountain region since its founding in 1982.

The transaction represents the latest milestone in Huron Capital's systematic build-out of a multi-regional commercial exterior services platform, following acquisitions of Independent Roofing Systems in August of 2024 and Port Enterprises in March of 2025. The deal underscores the continued fragmentation and consolidation opportunity within the commercial building maintenance sector, where private equity firms are betting on the non-discretionary nature of roof repair and waterproofing services.

Rampart Exterior Services was launched by Huron Capital in 2024 as an ExecFactor initiative, the firm's proprietary investment strategy that combines sector expertise with executive partnerships to execute buy-and-build strategies. The platform was established in partnership with CEO Gabe Mesanza, who brings operational experience to the thesis-driven approach.

Unlike opportunistic acquisitions, the ExecFactor model represents a more deliberate strategy. Huron Capital utilizes a proactive, thesis-driven investment process to identify the best potential management teams and investment opportunities in core sectors. The firm underwrites an entire industry, partners with a proven executive, and deploys committed capital to systematically acquire and integrate businesses within that sector.

The commercial exterior services space fits squarely within Huron's investment mandate. Through its HCP Services strategy, the firm focuses on mission-critical service companies in the infrastructure, facility and residential sectors, where it has developed proven playbooks and extensive operational resources. The platform targets re-roofing, roofing repair, waterproofing, maintenance, and other exterior restoration services for commercial customers.

The Colorado Moisture Control acquisition advances Rampart's geographic expansion strategy, establishing a presence in a new regional market with distinct characteristics. According to the announcement, the partnership with CMC enhances Rampart's geographic diversification by establishing a presence in a region with robust commercial roofing services activity.

Colorado's commercial real estate market presents attractive fundamentals for building envelope services. The state's climate—characterized by significant temperature fluctuations, intense UV exposure at high altitude, and periodic severe weather—creates ongoing demand for roof maintenance and waterproofing services. Denver's position as a major metropolitan area with substantial commercial, healthcare, and educational infrastructure provides a dense customer base for recurring service revenue.

CMC's customer profile aligns closely with Rampart's target end markets. The company has built a reputation for excellence in serving education, healthcare, industrial, and other commercial customers across Colorado. These sectors typically operate mission-critical facilities where deferred maintenance is not an option, creating predictable demand for exterior building services.

The acquisition also reflects a focus on service-oriented businesses rather than new construction. CMC maintains a strong focus on service and re-roofing, which generates more stable, recurring revenue compared to project-based new construction work. This service emphasis fits the broader private equity playbook of targeting businesses with high customer retention and predictable cash flows.

With the CMC transaction, Rampart now operates across three distinct geographic markets, each offering different growth dynamics and competitive landscapes. The platform's first acquisition, Independent Roofing Systems, was completed in August 2024, establishing a presence in central Mississippi. That company, founded in 1980, brought decades of relationships serving education, government, industrial, and other commercial customers.

The second add-on came in March 2025 with Port Enterprises, a Texas-based operator with operations across the Austin, San Antonio, and Corpus Christi markets. This acquisition provided entry into one of the nation's fastest-growing commercial real estate markets, where population growth and business expansion drive demand for building services.

The geographic diversification strategy serves multiple purposes. First, it reduces concentration risk by spreading operations across markets with different economic drivers and weather patterns. Second, it positions the platform to serve national or regional customers with multi-site portfolios. Third, it creates a foundation for further densification within each region through additional tuck-in acquisitions.

Huron Capital's ExecFactor approach has generated notable exits in adjacent sectors, providing a template for Rampart's potential trajectory. Recently exited ExecFactor investments include ExperiGreen, a residential lawn care services provider, Sciens Building Solutions, a prominent full-service commercial fire and life safety company and Pueblo Mechanical & Controls, a premier commercial HVAC and plumbing services company.

These exits demonstrate the firm's ability to build and scale service platforms in fragmented markets. The building services sector shares many characteristics with commercial roofing and waterproofing: high fragmentation, local market dynamics, skilled labor requirements, and recurring revenue from maintenance contracts.

Huron has also launched other recent ExecFactor platforms in complementary spaces. Recently closed ExecFactor investments include Criticore, a provider of mission-critical, highly technical electrical services, and Exigent, a provider of critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services to complex facility operations for healthcare, education, industrial, government, and other commercial customers.

This portfolio of building services platforms suggests Huron sees sustained opportunity in the broader facilities maintenance ecosystem, where aging infrastructure and increasing building complexity drive demand for specialized technical services.

The transaction preserves local management continuity, a common approach in lower middle-market services roll-ups. CMC will continue operating under the leadership of Brad Titus alongside an experienced local management team. This structure allows the acquired company to maintain customer relationships and operational expertise while gaining access to platform resources and capital.

Titus expressed enthusiasm for the partnership, stating he is grateful for the opportunity to join forces with Rampart and having the support of Brian Rassel and Cale Kaczmarek from Huron. He noted looking forward to this next phase of growth for CMC alongside culturally and strategically aligned partners who will help us expand our ability to deliver high-quality, reliable roofing and restoration services across the Colorado market.

Gabe Mesanza, Rampart's CEO, emphasized the cultural alignment, noting the team is excited to partner with Brad and his team, who have built an exceptional company anchored in repeat service and long-term customer relationships. Brian Rassel, Partner at Huron Capital, added that CMC and Rampart shared a strong alignment on culture, values, and a vision for CMC's future.

This emphasis on cultural fit reflects lessons learned across private equity's evolution in services roll-ups. Early consolidation efforts often prioritized rapid acquisition velocity over integration quality, leading to customer attrition and operational disruption. More sophisticated platforms now screen for cultural compatibility and operational philosophy, recognizing that service businesses depend heavily on employee retention and customer relationships.

The commercial roofing and waterproofing sector remains highly fragmented, with thousands of regional and local operators serving distinct geographic markets. This fragmentation creates ongoing M&A opportunity for well-capitalized platforms that can offer succession solutions to aging business owners while providing growth capital and operational support.

Several factors make the sector attractive to private equity investors. The work is largely non-discretionary—building owners cannot defer critical roof repairs or waterproofing without risking significant property damage. Service contracts create recurring revenue streams with high customer retention. The technical nature of the work and licensing requirements create barriers to entry. And the sector benefits from secular tailwinds including aging commercial building stock and increasingly severe weather patterns.

The building envelope market has demonstrated resilience through economic cycles. According to industry research, the North American waterproofing market continues to expand, driven by both new construction and the growing need for restoration and maintenance of existing structures. Commercial buildings, which represent a significant portion of the market, require regular maintenance and periodic re-roofing as materials reach the end of their useful life.

Climate change may accelerate demand for building envelope services. More frequent extreme weather events—from intense storms to prolonged heat waves—place additional stress on roofing systems and waterproofing membranes. This creates both emergency repair opportunities and increased awareness among building owners about the importance of preventative maintenance.

With three acquisitions completed in 17 months, Rampart has established a foundation for continued growth. The platform now operates in three regions, providing a base for both geographic expansion into new markets and densification within existing territories.

The typical private equity services roll-up follows a predictable pattern: establish a platform with strong management and systems, execute a series of add-on acquisitions to build scale, implement operational improvements and cross-selling initiatives, and ultimately exit to a larger strategic buyer or secondary private equity firm. Rampart appears to be in the early stages of this playbook.

Future acquisition targets likely fit a similar profile to the first three deals: established operators with decades of history, strong customer relationships in commercial and institutional markets, service-oriented revenue models, and owner-operators seeking succession solutions. The platform may also pursue smaller tuck-in acquisitions to densify existing markets and eliminate local competitors.

Operational improvements typically focus on several areas: implementing standardized safety and quality protocols, centralizing back-office functions to reduce overhead, cross-training technicians across service lines, leveraging purchasing power for materials and equipment, and deploying technology for scheduling, dispatch, and customer relationship management.

The platform's end markets—government, education, healthcare, life sciences, data centers, manufacturing, and other sectors—offer different growth trajectories. Data centers, for example, represent a high-growth segment as cloud computing and artificial intelligence drive facility expansion. Healthcare and education provide stable, recession-resistant demand. Government contracts offer volume but typically require competitive bidding and compliance capabilities.

While transaction terms were not disclosed, lower middle-market services businesses typically trade at multiples of EBITDA ranging from 6x to 10x, depending on factors including revenue quality, customer concentration, growth trajectory, and competitive position. Service-oriented businesses with high recurring revenue command premium valuations compared to project-based contractors.

Huron Capital's investment mandate targets control investments in leading service businesses with $20 million to $200 million in revenue. This suggests the firm is building Rampart toward the upper end of that range through organic growth and acquisitions, positioning the platform for an eventual exit to a larger buyer.

The commercial roofing and building envelope sector has seen multiple large-scale consolidations in recent years, with both strategic buyers and larger private equity firms acquiring regional platforms. This creates a clear exit pathway for platforms like Rampart that can demonstrate multi-regional scale, operational excellence, and growth momentum.

Debt financing for services roll-ups remains available despite broader market volatility, particularly for businesses with recurring revenue and strong cash flow characteristics. The non-discretionary nature of building maintenance services makes these platforms attractive to lenders, as revenue tends to be more stable than cyclical construction activity.

The Colorado Moisture Control acquisition positions Rampart Exterior Services for continued expansion across the commercial building envelope services sector. With a proven management team, committed capital from Huron, and a clear acquisition strategy, the platform appears well-positioned to capitalize on ongoing fragmentation in the market.

The next 12 to 24 months will likely bring additional acquisitions as Rampart seeks to build density in existing markets and potentially enter new geographies. The platform may also invest in operational infrastructure—including technology systems, training programs, and centralized support functions—to prepare for larger scale.

For business owners in the commercial roofing and waterproofing sector, Rampart represents a potential succession solution and growth partner. For customers, the platform promises access to broader capabilities and resources while maintaining local relationships. And for Huron Capital, the investment represents another test of the ExecFactor model in a fragmented services sector with attractive fundamentals.

As building owners face increasing pressure to maintain aging infrastructure amid more severe weather patterns and tighter operating budgets, demand for reliable, professional building envelope services should remain robust. Platforms like Rampart that can deliver consistent quality across multiple markets while offering competitive pricing through scale advantages are well-positioned to capture market share in this evolving landscape.