BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”) today announced the creation of Renovo Home Partners (“Renovo” or the “Company”), a newly established platform providing home repair and remodel products and services.
Based in Dallas, Texas, Renovo Home Partners is a direct-to-consumer (“DTC”) provider of repair and remodel services focused on high-volume quick-turn bath, window, siding, roofing, and other remodeling services. The Company was formed through the combination of three regional remodeling businesses: Dreamstyle, Remodel USA, and Alure Home Improvements. Through its growing network of brands, Renovo’s platform provides a full range of products, installation services, and premier customer service experience to homeowners throughout the United States. Today, Renovo operates primarily in the west coast and mountain west, mid-Atlantic, and northeast regions, with a vision to expand nationwide. Built on a culture of performance and continuous improvement, the Renovo platform provides access to peer experience and insight as well as the necessary infrastructure, processes, and tech-enabled resources to help partners thrive.
“We believe the DTC home improvement market is well suited for Audax’ Buy & Build strategy, and we plan to work to scale rapidly,” said Jay Mitchell, Managing Director at Audax Private Equity. “We see an exciting opportunity to invest in and support the brands, with the goal of helping to accelerate Renovo’s growth trajectory, broaden its existing product portfolio, and expand into new geographic areas through greenfields and complete targeted acquisitions. We’re thrilled to partner with CEO John Dupuy and the entire team as this newly formed entity takes shape.”
“Given the long-term success of the three brands, we saw significant potential in combining the businesses under one umbrella to create a larger, more diversified company and ultimately working to become one of the nation’s leading DTC home repair and remodel services company,” said John Dupuy, Chief Executive Officer of Renovo Home Partners. “In seeking to find a partner to help us bring our vision to life, Audax’ track record of helping companies scale and capitalize on their growth strategies was a perfect fit for our needs at this stage in the Company’s lifecycle. We believe this investment will help to achieve our goals and provide significant benefits and opportunities to all of Renovo’s stakeholders, most notably our customers and employees. We’re proud to be a part of the Audax family and look forward to a successful and lengthy partnership.”
Ropes & Gray LLP and Fredrikson & Byron P.A. served as legal counsel to Audax.
About Renovo Home Partners
Based in Dallas, Texas, Renovo Home Partners is a Direct-to-Consumer (“DTC”) platform providing a full range of exceptional home repair and remodel products and services to homeowners across the United States. As a growing national network, Renovo Home Partners recognizes that businesses succeed by understanding their customers and developing the specialized expertise to best serve them. With multiple leading brands under one management team, Renovo Home Partners aims to centralize back office operations and invest in best-in-class technology capabilities to drive commercial alignment amongst regionally focused businesses today, with the opportunity to cross-sell product offerings at national scale in the near term. With a strong commitment to superior customer service, outstanding product quality, and expert installation, Renovo Home Partners is proud to service its homeowner customer base. For more information, visit the Renovo Home Partner website: www.renovohomepartners.com
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $8 billion in more than 150 platforms and over 1050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.