Bahrain-based Investcorp, a global leader in alternative investment products, said that it has agreed to the sale of The Wrench Group, a leading provider of home maintenance and repair services in the US, to Leonard Green & Partners, a Los Angeles-based private equity firm.
The terms of the transaction were not disclosed.
Investcorp, in partnership with management, formed Wrench in 2016. At the time of acquisition, Wrench was comprised of four like-minded, locally operated companies with market leading positions in Atlanta, Dallas, Houston and Phoenix.
The management owners’ collaborative approach and entrepreneurial spirit helped transform the business from a group of local businesses to a leading integrated national platform. Today, Wrench is a market leader with divisions in Atlanta, Dallas, Denver, Houston, Phoenix, Sarasota and Tampa markets.
“This transaction was the first acquisition after we announced our growth strategy in 2015. It illustrates our ability to execute on every step of the value creation cycle from putting the right management team in place, institutionalizing key processes and capitalizing on both organic and inorganic strategic growth initiatives for the company and ultimately our clients and shareholders,” said Mohammed Alardhi, executive chairman, Investcorp. “We will continue to adopt this entrepreneurial spirit supported by a strong global institutional base across our multi-asset class offerings.”
Ken Haines was elevated to CEO in 2016 and, under his leadership, Wrench has achieved outstanding growth through gaining market share, expanding service offerings into adjacent home services, and completing four strategic acquisitions in attractive markets. During this time, Haines also built an executive team that supports the field operations and is well positioned to complement their efforts to achieve the next evolution of Wrench’s growth.
Ken Haines, CEO of Wrench said, "Investcorp has been a great partner and given us valuable insights that have helped grow our business significantly. We’ve greatly enjoyed the experience working with their dedicated team to expand our services and national footprint and are excited to continue to execute our strategic growth plans with LGP."
“Over the last three years, we have had the privilege of working with Ken and the entire Wrench leadership team to build one of the nation’s leading home services businesses,” said Dave Tayeh, head of Private Equity North America, Investcorp. “We want to thank Ken and the Wrench team for being outstanding partners and believe LGP is the ideal partner for them going forward.”
Jefferies LLC acted as exclusive financial advisor to Wrench. – TradeArabia News Service
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