Earlier today, Cherubim Interests, Inc. (OTC: CHIT) announced that it has executed a memorandum of understanding to acquire 100 percent of the membership interests of Golden Eagle Roofing LLC, a residential and commercial roofing contractor based in Plano, Texas. In the news release, Cherubim CEO Patrick Johnson described the acquisition as an “immediate game changer” for the company. Following completion of this acquisition, Cherubim will gain a direct channel through which to engage roofing, insurance restoration and many other types of general construction projects throughout Texas while continuing to bolster the marketability of its innovative hybrid business model.
“We’re very pleased to make this acquisition as it fell right into our laps,” Johnson stated in the release. “The company has very good fundamentals, performing history, and a monumental first start to the year due to the recent tornado that struck Rowlett, Texas.”
Golden Eagle Roofing was incorporated in 1994 and has maintained an A+ rating with the Better Business Bureau for more than two decades. The contractor has extensive experience with all kinds of roofing projects, including working directly with insurance claims adjusters in order to ensure that weather-related roofing damage is properly addressed following storms. Most recently, on December 26, 2015, an EF-4 tornado ripped through the neighborhoods of Rowlett and Garland, Texas, damaging or destroying roughly 450 homes and commercial structures. Golden Eagle has played a key role in repairing this damage, allowing residents to return to their daily lives.
“Golden Eagle is doing important, vital work to help get the people of Rowlett back on their feet, and back in their homes,” continued Johnson.
For Cherubim, this acquisition is expected to greatly accelerate its move toward cash-flow production. Johnson estimated that acquiring Golden Eagle will put the company at least six months ahead of schedule from a cash-flow production perspective.
“Any time you can buy cash flow it is a win, and we are excited about the impact Golden Eagle Roofing will have on the Company in 2016 and beyond,” concluded Johnson.
In recent weeks, the company has turned much of its attention toward bolstering its leadership team ahead of what’s expected to be an impactful year for shareholders in 2016. Last month, Cherubim announced the appointment of Tom Crompton, an accomplished operational executive with multi-industry experience, to the positions of executive vice president and advisor to the board. Weeks later, the company added Riall Johnson as director of political affairs and Josh Kuhlmann as inside council.
For more information, visit www.cherubiminterests.com
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