Super Return Day 2 with Eliot Kerlin @ Broadwing Capital
Thesis: shift from residential to commercial reroofing where barriers to entry are higher and multi-month HOA and condo tower projects support better valuations and scale.
Market: roofing M&A up ~117% over six years; since fall 2023 entry, multiples have risen about 1.5 turns.
Platform building: Broadwing’s third platform is Lehr (lehr.com), an emergency vehicle upfitter with six locations across three western states, showing fast add-on execution.
Sourcing engine: two decades of networks plus small business brokers, lawyers, RIAs, accountants, private company databases, site scraping, outbound callers, and direct phone outreach.
Post-close playbook: 10-day risk and controls hot list, then a 120-day Fortify the Foundation phase to install talent, tech, and operating cadence before scaling via organic growth, M&A, and greenfield; state-by-state regulation is a key input.