David Tilley has bought Mitrepoint Ltd, trading as Roofclad Systems, in Birtley, near Chester-le-Street, County Durham.
He says the deal will create up to 12 posts.
The move, carried out for an undisclosed sum, was funded by Mr Tilley, who sold his former roofing business, D W Tilley, to outsourcing company Mitie for more than £7.5m in 2008.
Roofclad Systems, established in 1978, will continue to trade under its existing name.
It has turnover of £3.3m and employs 44 workers.
Bosses say all jobs will be saved through the acquisition.
Mr Tilley said: “I heard about the opportunity through industry contacts and could not turn down the chance to acquire the oldest established roofing and cladding contractor in the North-East.
“While Roofclad is trading strongly with some good contracts, I will be reviewing every aspect of its operations in the short to medium-term.
“My first priority is to stabilise the business and after that, we can look at reorganisation before embarking on an expansion programme.
“I’ve been looking for the right opportunity to get involved in business again for just over a year and I’m more than ready to take on a new challenge.”
Stewart Openshaw, the business owner, said he is delighted to leave it in such capable hands.
He added: “I wanted to secure the future for all employees who have been hardworking and loyal over the years.
“David is really well-known in the sector and if he can deliver the same kind of business expansion opportunities at Roofclad in the future, then I could not have left the company with brighter prospects.”