Case Study:
Central Roofing

Company Profile

Central Roofing, Minneapolis-St. Paul’s premier roofing company, was founded in 1929. The company’s services include commercial roofing, multi-family housing services, roof repairs and retrofits, waterproofing, “green” roofing, disaster response, preventive maintenance, and more. Warren Stock currently serves as president of Central Roofing and began his career with the company in 1974, starting as an apprentice and working his way up to a leadership position. He left Central Roofing for a time, founding Stock Roofing in 1988 and serving as its president until selling the company to Tecta America in 2003. He continued operating Stock Roofing operations for Tecta America until late October 2010. In November 2010, the opportunity arose to purchase Central Roofing.

Situation

Stock says he chose to leave Tecta America because the company “was headed in a completely opposite direction.” When he traveled to the company’s headquarters in Chicago to resign, he learned that Central Roofing would soon close or be put up for a quick sale. Knowing that the sale was a 2:1 value, Stock didn’t hesitate to say “yes” when asked if he could have the $1.5 million cash purchase asking price in 20 days.

Stock was lead to Alerus Financial through family and business acquaintances. Alerus reviewed the business plan, assets, and purchase details and had an answer for Stock in nine days. “The ability to give Tecta an answer in such a short amount of time made it work,” he says. 

Solution

Brad Stevens, commercial banking relationship manager at Alerus, serves as Stock’s main contact. “Brad – and the entire Alerus team – really understands the peaks and valleys of the construction industry and the need for credit lines,” he says. “Alerus puts a human factor into decision making. They put a value on my years of experience, my game plan, and why we thought we would be successful. There’s usually not a space for that information on a loan application.”

Stock notes that Alerus believed in their business plan, which was to build up the service component given today’s economic challenges. “They just understood our business,” says Stock.

He says that one of the problems he’s had with banks over the years is that his business has outgrown them. That’s not the case with Alerus. “Now that we’ve switched to Alerus, we’ve acquired Central Roofing, and we’re in the process of acquiring the land where Central Roofing sits. Alerus is there, taking care of everything. They treat you as a partner, and they are a great partner.”

Stock’s wife, Gerry, and son, Jason, are partners of the family-owned business, and Stock intends to pass the business down to his son and grandchildren. Plans are to expand Central Roofing to other states, and he knows Brad and the Alerus team will be there. “We appreciate their faith in us and that we have their backing.”

“If someone approaches us with a project, our response is ‘we can do that.’ Alerus has that same attitude, and they get it done.” Stock concludes. “No matter what you ask, you get an answer back right away. Their response is great. They have been 100 percent. You can’t find more positive working people, and you can’t find better than Alerus.” 

 

 

 

 

Central Roofing
Fridley, Minnesota
www.centralroofing.com

Business Type

Construction   

Services Used

Remote Deposit
Business Line of Credit

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