Road To Carry is proudly supported by Reef Pass Investors
Reef Pass is a US based investment partnership that specializes in launching serial acquisition and HoldCo platforms (most often launched by ex-PE professionals).
Reef Pass brings decades of experience building acquisition platforms and flexible mandate across incubation and growth stages with a long-term capital base.
If you've ever thought seriously about launching your own acquisition platform, I'd love to hear your thesis!
Note: this partnership does not impact editorial independence.
Hi all — we have two small deals in the windows & doors space as add-on or search opportunities.
Before that, come join me in my interview with Ed Brandman, former Chief Information Officer of KKR, where we’ll discuss how AI is actually being implemented inside private equity firms beyond the hype.
RTC Interview Series
From KKR to AI: The New Edge in PE
AI is no longer optional for institutional PE investors. Have you been curious about how to deploy AI at your firm?
Join our interview with Ed Brandman — former Chief Information Officer at KKR and current CEO of ToltIQ — for a discussion on where AI actually fits in private equity today.
We’ll cover:
• Why speed and conviction matter — and how AI can help
• Where consumer AI tools fail in institutional workflows
• What enterprise AI means for auditability, repeatability, and governance
• A live sprint demo on the ToltIQ platform
If you want to understand how to operationalize AI in a way that holds up to partner scrutiny and IC rigor, this session is for you.
Exterior Home Products Distributor & Installer
🔗 Access Deal Materials
Interested in learning more? Contact Sara at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A profitable distributor and installer of high-end residential exterior home improvement products serving the Alabama market. The company represents multiple premium manufacturers across windows, doors, siding, gutters, garage doors, and decking, and installs these products for residential homeowners.
The business benefits from strong vendor certifications, a well-trained team, and a proprietary software platform that automates the full customer workflow—from initial inquiry through quoting, ordering, and installation scheduling—improving operational efficiency and customer experience.
The platform offers a compelling opportunity for searchers or as an add-on for home services consolidators or specialty building product distributors seeking expansion into the Southern U.S. market.
Revenue: ~$3,800,000
EBITDA: ~$650,000
Deal Type: Majority sale
Headquarters: Alabama
🔎 What They Do
The company distributes and installs a portfolio of high-end exterior home improvement products for residential customers, acting as a certified dealer for multiple manufacturers.
Core offerings include:
Windows and exterior doors
Siding and exterior cladding systems
Gutters and drainage solutions
Garage doors
Decking products
~20% EBITDA margin leveraging a network of subcontractor installers
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
MITER Brands (backed by Koch) | PGT Innovations | 2024 | Leading manufacturer of impact-resistant windows and doors serving residential and commercial construction markets. |
American Securities | Foundation Building Materials | 2021 | Specialty building products distributor supplying drywall, ceilings, insulation, and related materials to commercial and residential contractors. |
Gridiron Capital | Leaf Home | 2021 | National home improvement platform focused on gutter protection, water solutions, and exterior remodeling services. |
2026 Serial Acquirer Conference
I’m excited to announce the inaugural 2026 Serial Acquirer Conference, taking place on Tuesday, March 31, 2026 in New York City.
This is not a traditional private equity conference. This is a room built for:
Mid-career PE professionals actively exploring ownership
HoldCo founders
Buy-and-build operators
Independent sponsors
With a room-full of investors who back them
If you’re serious about building—or backing—serial acquisition platforms, this is the room you want to be in.
Most conferences just talk about private equity. This one is about becoming an owner.
You can expect:
Tactical insights with real takeaways
Candid discussions around platform building, capital, and scaling
Extended networking over lunch, coffee, and happy hour
Direct access to investors who are actively funding platforms
If you’re thinking about—or actively building—a serial acquisition platform, you should be here.
The Details
📍 @Ease 1345, New York City
📅 Tuesday, March 31, 2026
Road To Carry has always been about building alongside each other, not stopping at just consuming content. Hope to see many of you there!
Commercial Windows & Doors Manufacturer / Distributor
🔗 Access Deal Materials
Interested in learning more? Contact Sara at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A dual-entity commercial windows and doors platform serving general contractors and high-end property owners across the Southeast U.S. The transaction combines two businesses that together provide manufacturing, distribution, and installation of commercial-grade windows and doors for new construction and multi-family projects.
The platform offers immediate exposure to commercial and multi-family construction markets with opportunities to expand distribution channels, increase showroom capacity, and grow field sales operations.
Revenue: ~$3,800,000
SDE: ~$535,000
Deal Type: Majority sale
Headquarters: Southeast U.S.
🔎 What They Do
The company benefits from strong contractor relationships, repeat business on complex construction projects, and an experienced team capable of executing installation at scale.
Products and services include:
Storefront systems for commercial buildings
Wood, vinyl, and commercial-grade windows
Commercial and residential doors
Windows and doors for multi-family construction projects
Operational capabilities include:
In-house production and roll-forming equipment for screens
Distribution and logistics across the Southeast
Installation performed by internal teams and subcontractors
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
MITER Brands (backed by Koch) | PGT Innovations | 2024 | Leading manufacturer of impact-resistant windows and doors serving residential and commercial construction markets. |
American Securities | Foundation Building Materials | 2021 | Specialty building products distributor supplying drywall, ceilings, insulation, and related materials to commercial and residential contractors. |
Gridiron Capital | Leaf Home | 2021 | National home improvement platform focused on gutter protection, water solutions, and exterior remodeling services. |
Brokers: got a deal you want to get in front of 7,500+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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