SCOTTSDALE, Ariz., Jan. 14, 2020 /PRNewswire/ -- Restoration Builders, Inc.?("Restoration Builders" or "The Company") announced today that it has completed the asset purchase of Tyler, TX based AVCO Roofing, Inc. ("AVCO").
Founded in 2017 in response to the explosive growth of the $210B+ insurance restoration industry, Restoration Builders Inc. has capitalized by consolidating existing restoration and repair contractors located throughout?the United States. As of the time of this release, The Company has signed asset purchase agreements with 15 privately held businesses, with each integration scheduled over the next several weeks. Collectively, the consolidated companies are projected to generate more than $100 Million in revenue for 2020.
Heath Hicks, owner of AVCO Roofing, Inc., started in the roofing repair business when a good friend asked him to join the company he worked for. Heath quickly figured out that he wasn't just selling construction repair services, he was making a difference by helping families in need. That's what ultimately got him hooked.
Heath purchased AVCO shortly after its founder passed away in 2014. That first year, Heath and his team grew business by 400% and another 300% the following year. Since that time, AVCO has grown to 6 locations and more than 40 team members in the office and over 70 team members in the field. During those initial four years, revenue skyrocketed from $1 Million to $25 Million.
The team continues to demand excellence on every project and is proud to be considered leaders in the industry, having recently won coveted awards for both Top Growth as well as Sales Excellence. Heath decided to join Restoration Builders out of a deep desire to provide even better service to his customers. Through this acquisition, he hopes to continue to drive positive change within the industry and improve the broader perception of trade jobs as a whole.
"I am very proud to announce the acquisition of AVCO Roofing," said John Lorenz, Chairman and CEO of Restoration Builders, Inc. "This is an award-winning group with deep connections within their community. Heath is a well-respected industry speaker and business mentor who has established a culture of teamwork, family and fun. Their strong convictions perfectly align with our core values, some of which include customers first, relationships matter and a demand for excellence. I look forward to building our successful future together."
Roofing repair is among the fastest-growing sectors of the $49 Billion roofing contractors' industry. Comprised primarily of local, privately held companies, the industry is heavily fragmented. The majority of today's roofing customers are insurance policy holders seeking to use their coverage to fund a repair or replacement project.
About Restoration Builders, Inc.
Restoration Builders is a residential and commercial contractor operating within the United States. Their mission is to protect, restore and build properties, strengthen families and support the community. They are committed locally and ready to serve wide scale for disaster response. To learn more, please visit their website at www.restorbuilders.com
About AVCO Roofing, Inc
AVCO Roofing's mission is to protect homes, strengthen families and build community. They never try to sell customers something they don't need, and they always provide the best long-term roofing solution. Whether it's a minor roof repair or an entire roof replacement, AVCO Roofing is dedicated to providing superior service?on time, and on budget. To learn more, please visit: www.avcoroofing.com.
For further information please contact:
Janet Carnell Lorenz
SOURCE Restoration Builders
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