Lakeford Roofing & Metal Warehouse
A vertically integrated roofing and metal supply platform in the Dallas–Sherman corridor — combining a residential and commercial roofing operation with a materials fabrication and distribution business. The two units hedge each other: roofing captures storm and growth demand; Metal Warehouse supplies the entire regional market, including competing roofers.
- Dallas–Sherman is one of the highest hail-frequency markets in the U.S. — roofing demand is structurally elevated and growing with climate severity
- TI Semiconductor's massive new fab in Sherman catalyzed a construction boom, pulling residential and commercial development into the secondary market
- Metal Warehouse provides supply to competing roofers, creating a toll-road model on top of the cyclical roofing business
- Vertical integration — owning both fabrication and installation — creates margin advantages and supply chain control competitors cannot easily replicate
- We fell in love with the team: top-tier MBA background, serious operating experience, and the conviction to relocate before the deal closed
- Only investor to visit the business in person; sitting on the board with direct operational influence
Why We Backed This Operator
The operator spent over a year sourcing and structuring this deal before we came in — including moving his family to Sherman before the transaction closed. That level of conviction is rare and it tells you everything about how someone will run a business. He negotiated earn-outs and seller notes into the deal structure, transferring a meaningful portion of the transition risk back to the seller. The business went through a predictable J-curve post-close, and we were there for it. Strong MBA background, real operating experience, and total alignment of incentives.
Why This Market, Why Now
Sherman, TX sits in one of the fastest-growing corridors in the country. The TI fab investment alone is expected to create thousands of construction jobs and accelerate residential buildout for years. Meanwhile, severe weather frequency in North Texas has increased materially — roofing is not a discretionary spend, it's a necessity-driven market with strong recurring demand. The dual-business structure means we're not just betting on one vertical; we're betting on the entire regional construction ecosystem. Owning both fabrication and roofing gives us diversification of revenue and a defensible competitive position.
AHM Real Estate — The 314
A minority stake in AHM Real Estate's flagship development at 2100 Locust Street — The 314, a 29-story mass timber high-rise in downtown St. Louis, set to become a landmark in Midwest sustainable construction. AHM has cornered the downtown market, controlling a significant assemblage of buildings and vacant land earmarked for a 12-acre, multi-phase revitalization of Downtown West.
- St. Louis is a genuine turnaround story — strong nonfarm employment growth, anchored by St. Louis University, the new NGA campus, CityPark, and Union Station
- The 314 will be constructed with cross-laminated timber — accelerating the construction schedule, reducing carbon footprint, and creating a biophilic product competitors won't easily replicate
- AHM controls a 12-acre assemblage in Downtown West approved for 450 apartment units plus tens of thousands of square feet of office and retail — development optionality extends far beyond this building
- 287 apartments, 15,000 sq ft of commercial space, and approximately 373 parking spots — a complete urban mixed-use product
- At least 100 units earmarked for affordable housing — community buy-in and meaningful incentive support from the St. Louis Development Corporation
- City has been growing and the thesis remains strong — we're surrounded by demand drivers
"I hope that this is a catalyst for more structures being built using the same technologies. It feels really nice, and it could help St. Louis be placed on the sustainability map."
— Kyle Howerton, Managing Principal & Partner, AHM Real Estate
The Team & The Land Position
AHM has decades of development experience and has methodically assembled one of the most significant land positions in downtown St. Louis. This isn't a single project — it's a five-phase city block activation spanning 12 acres, mixing market-rate and affordable housing with office and retail. The scale of the assemblage creates development optionality that compounds over time. "All five phases together form a perfect scenario that is all market types," according to Zachary Wilson of the St. Louis Development Corporation.
Why Mass Timber, Why Now
Cross-laminated timber accelerates the construction schedule and reduces costs, while producing a superior biophilic interior that commands rental premium. The embodied carbon advantages are significant as ESG-driven regulations tighten across commercial real estate. The 314 is positioned to be a marquee landmark for Downtown West — close to CityPark, Union Station, St. Louis University, and the new NGA campus. Secondary cities, freed from the institutional inertia of major metros, are leading the way in sustainable construction. St. Louis is proving what's possible.
Radical Stones — U.S. Engineered Stone Factory, Dallas
Formerly OK Stone Engineering, Radical Stones completed a major milestone in 2025 — finishing construction of its U.S. manufacturing facility in Dallas, Texas. The company holds the only U.S. license to manufacture engineered quartz using Breton S.p.A.'s next-generation Bioquartz® technology — a platform that produces a superior product, eliminates silicosis risk, and dramatically reduces raw material costs versus legacy importers.
- Only U.S. licensee of Breton Bioquartz® — Breton controls 95%+ of global engineered stone plant design, making this the most defensible position in the market
- Manufacturing facility milestone achieved: Dallas factory now complete and operational — the most de-risked moment to hold this investment
- $18B projected U.S. engineered stone market with a 140M sq ft annual supply shortfall — demand is structurally unmet by domestic producers
- Bioquartz® process eliminates crystalline silica exposure risk, giving Radical Stones a compliance advantage as silicosis regulations tighten across the industry
- Domestic raw material sourcing replaces volatile Asian supply chains — cost and reliability advantages are structural, not cyclical
- Management team previously ran a Breton factory generating $100M+ in annual revenue — they have done this before
The Technology Moat
Breton S.p.A. is the definitive global leader in engineered stone production technology with more than 95% global market share in plant design. Of the seven U.S. engineered stone manufacturers, five are running older Breton platforms. Radical Stones is the only facility in the country deploying the Bioquartz® generation — a technology that has been in development for a decade and is only now being licensed externally. The gap between this and competing technology is not incremental; it is generational. With the Dallas factory now complete, the hardest part of the execution is behind us.
The Regulatory Tailwind
Silicosis — an incurable lung disease caused by crystalline silica — is an emerging regulatory crisis for the engineered stone industry. Several major manufacturers have already faced lawsuits and regulatory action in Australia and Europe. The U.S. is expected to follow with stricter manufacturing standards. Bioquartz® eliminates this exposure entirely, meaning Radical Stones begins operations not just compliant, but ahead of the regulatory curve — while competitors face costly retrofits or operational constraints. The rename to Radical Stones reflects the company's bold identity as it enters full production.