06/03/2016 07:44 AST
Bahrain-based Investcorp said it has reached an agreement with US-based Alpine Investors to acquire The Wrench Group, a leading provider of essential home maintenance and repair services.
A leading provider and manager of alternative investment products, Investcorp said the move is in line with the group's strategy to expand into attractive markets.
Formerly controlled by Alpine Investors, Skylight Capital, and Wrench management, the US group operates in a large and fragmented $200-billion market and has demonstrated consistent growth through all economic cycles.
It is a major provider of essential home maintenance and repair services, including heating, ventilation and air conditioning, plumbing and electrical services.
On the acquisition, Mohammed Al Shroogi, the co-chief executive officer at Investcorp, said: "Investcorp is excited to partner with Wrench Group’s outstanding management team. The team has distinguished itself by achieving substantial growth in each of the company’s markets while providing superior customer service."
The Wrench Group currently serves over 140,000 customers throughout the Atlanta, Dallas, Houston and Phoenix markets, four of the fastest growing metropolitan areas in the US.
It is marketed regionally through four prominent brands: Coolray, Berkeys, Abacus and Parker & Sons.
With approximately $150 million in revenue for 2015, the Wrench Group is positioned as a leading provider of home services in each of its markets due to high brand recognition and commitment to exceptional customer service.
The company is poised for continued growth in existing and new markets, he stated.
“We plan to support the company in continuing to build upon its current successes by capitalizing on best practices across the enterprise, continuing the strong organic growth in its current regions, and strategically expanding into attractive markets,” remarked Al Shoorgi.
Fahad Murad, the managing director at Investcorp for Bahrain, said: “We believe The Wrench Group is a great addition to the Investcorp portfolio. There is a strong management team in place and we are looking forward to working with them through the next phase of their development.”
As part of the transaction, management will continue in their current roles with the Company and retain a meaningful interest in Wrench.
Collin Hathaway, the managing partner of Skylight Capital and chairman of Wrench said: "We spent the past five years identifying and partnering with the best regional companies, leaders, and cultures in the non-discretionary home service space."
"Investcorp shares our commitment to our team, our customers and our industry, and we are thrilled to have them as a partner and resource," stated Hathaway.
Graham Weaver, the founder and partner of Alpine Investors, said: "The management team at Wrench has built a world class, durable company that continues to provide incredible service and value to thousands of customers throughout the US."
"We are honoured to have Investcorp, a first rate and experienced investor, as a partner to help the Company realize its potential," he added.-
Trade Arabia
Please wait...
