The largest outdoor remodeling company in the country is about to get even bigger.
As part of an ongoing trend of private equity firms investing in home improvement companies, The Cranemere Group has acquired an undisclosed share of System Pavers. The deal was announced on September 14, 2022. This move will help support System Pavers’ goal of expanding into dozens of new markets, beginning with Phoenix in the first quarter of 2023.
While private equity firms often invest with a goal to quickly increase the value of businesses before turning around and selling them at a profit within four to six years, company officials indicated the partnership with Cranemere is designed to last a long time.
“Cranemere is a great fit for us as a long-term hold and not what you would consider traditional private equity,” said System Pavers’ Chief Executive Officer Syed Zaidi. “We’re the seventh company in their portfolio and they haven’t sold any of their businesses. This (long-hold structure) allows us to invest in the right areas of the business that will drive long-term value.”
System Pavers, celebrating its 30th year in business in 2022, is a leader in designing and installing direct-to-consumer outdoor remodeling services. Founded by Larry Green–now executive chairman–and Chief Innovation Officer Doug Lueck, System Pavers has completed projects for more than 85,000 homeowners. Green and Lueck will continue to be a part of the ownership structure.
The Cranemere Group, based in London with offices in New York and Washington D.C., is a holding company focusing on the direct-to-consumer business model. This is the firm’s first venture into the home improvement and outdoor remodeling spaces.
“We’re built for the long haul and built for expanding across the country,” said Zaidi. “Cranemere shares our same values and beliefs. They fit really well with our organizational structure and our culture.”