Case Study: Hillandale Advisors Acquires Horizon Roofing

“It takes a village to build a durable company.” 

Matthew Hultquist, Founder & Managing Partner, Hillandale Advisors

Axial Members

Member Type	Family Office	Business Broker
Axial Member Since	2023	2023
Headquarters	Charlotte, NC	Charlotte, NC
Axial Closed Deals	2	1
Axial Profile	View Profile	View Profile

Acquired Business

Location: Charlotte, NC

Description: Horizon Roofing & Restoration specializes in commercial and residential roofing, roof repairs, and remodeling, as well as insurance recovery for homeowners/business owners due to wind, hail, and other forces of nature that damage your property.

Reason For Exit: Horizon Roofing went up for sale after the seller, who had owned and operated the business for 14 years, became exhausted. Residential roofing is six days a week from sun-up to sun-down, and this business roofs up to 400 homes a year.

Website  |  LinkedIn

Hillandale Advisors is a 2-person investment firm based out of Charlotte, focusing on building a portfolio of lower middle market acquisitions. 

In March of 2022, Hillandale joined Axial to augment their deal-sourcing efforts. They wanted to cover a wider group of boutique investment banks and advisory firms representing relevant deals within their focus areas: services, industrials, and healthcare.

Fast forward two years and Hillandale has now acquired two businesses via Axial. 

This past June, Hillandale acquired Polysonics, a global acoustics, audio-visual, and technology consulting firm founded in 1958 and based in Warrenton, VA. Polysonics was represented by Scott Blackwood at Vista Business Group. This firm hadn’t been on Hillandale’s radar previously – Vista is a 9-person M&A advisory firm and 12+ year Axial member based out of Lincoln, Kansas.

After pursuing the deal on Axial in December of 2023, Hillandale executed an LOI in Q1 of this year and closed the transaction the following quarter. 

Just a month after that closure, Hillandale finalized another transaction with the acquisition of Horizon Roofing & Restoration.

Horizon — founded in 2013 and headquartered just down the block from Hillandale in Charlotte, NC — is a market-leading residential and commercial roofing company offering a wide range of roofing, painting, siding, and gutter services (along with related insurance services) in the Carolinas. Horizon’s M&A advisor, NewLeaf Brokerage, is also based in Charlotte. 

Despite Hillandale, NewLeaf, and Horizon all being located in Charlotte, Hillandale and New Leaf didn’t know each other previously and made their initial connection on Axial. This is a tribute to the fragmentation of the lower middle market and the need for buyers to cast a wide net to cover the thousands of intermediaries in the space. 

Hillandale no doubt worked overtime (navigating both deal processes in tandem!) with Todd Little of NewLeaf Brokerage to finalize the acquisition in mid-July.

Congrats again to all parties involved! We cannot wait to see what the Hillandale team has in store going forward.

Deal Data