Private equity’s move into the home improvement industry makes another stride with Renovo Home Partners’ acquisition of Woodbridge Home Solutions, Dallas’ leading home services company.
Dallas-based Renovo Home Partners, the approximately six-month-old Audax Group-backed platform, acquired four major brands since its inception and before Woodbridge: Dreamstyle Remodeling, Remodel USA, Alure Home Improvements, and, as of last week, NEWPRO Home Solutions.
RELATED: New Private Equity-Backed Home Improvement Network Launches with Leading Remodeling Brands
Woodbridge Home Exteriors opened in 1989 and offers window, doors, siding, soffit and fascia replacements, in addition to quick turnaround bath and shower conversions and kitchen cabinet refacing. The company’s approximate 2021 revenue was about $69 million. Woodbridge brings Renovo deeper into the Texas and South Central markets.
CEO and Founder Mitchell Spector tells Pro Remodeler he will retain minority ownership in the company and his position as CEO, which was a key factor in the decision.
“When this whole opportunity came about—which was in early December—I really had no interest in some of the strategic companies coming in,” Spector says. “Woodbridge has always been about people, and I wanted to continue it to be about people, so I didn’t want the name change on the door and all the consolidation of management.”
Renovo runs on a buy and build model, purchasing high-performing companies with a history of strong growth, the company explains. The platform places leading brands under one management team with the goal of organic yet aggressive growth for regionally focused businesses. A near-term goal for Renovo is to enable cross-selling of products on a national scale.
RELATED: Private Equity Firm Acquires NEWPRO Home Solutions
As the name Renovo Home Partners suggests, each brand under Renovo’s umbrella gains access to insights and expertise from one another, another aspect that intrigued Spector.
“Joining forces with a company like Renovo gives us the ability to really scale the company and give us the resources with information systems, with data analytics, with best sharing practices, to really take this company to the next level, and most of all, give our people opportunities for growth,” Spector tells Pro Remodeler. “It's an opportunity for all of our people to share with some of these other great companies on the Renovo platform. It's really exciting.”
Private equity interest in the home improvement industry remains red hot, with this recent Renovo move marking the eleventh major acquisition in 2022 so far. Last year, acquisitions of major brands totaled about seven.
Add new comment
Related Stories
Tips to Help Contractors Recruit Top Talent and Overcome Labor Issues
On this episode of Rock Stars of Remodeling, The Home Doctor CEO Phillip Gehrig joins host Drew Barto to share tips on how to hire and retain talent
Pro's Pick: A Cloud-Based Internal Training Platform
This Pro’s Pick helps contractors streamline their onboarding and training processes
Nothing But Net (Profit)
Surprising similarities between managing profitable home improvement businesses and successful youth basketball organizations
How Mission, Vision, and Values Drive Exceptional Customer Experiences
By aligning these three core principles, contractors can create raving fans who refer their business for life
Where Home Improvement Contractors Go to Grow
On this episode of Rock Stars of Remodeling, Certified Contractors Network Vice President Gary Cohen shares how home improvement companies benefit by connecting with a community of successful contractors
5 Tips To Shorten Your Path To Success
Director of Home Improvement Drew Barto shares what contractors can do to gain industry knowledge sooner and grow their businesses faster
Leaf Home Hires Chief Growth Officer as Company Continues to Expand
Nina George joins the large home improvement company and will drive efforts to add new locations and new product lines
Another Home Improvement Horror Story
Why reputable companies have an obligation to educate and protect consumers from shady contractors
3 Keys to Growing a Scalable Home Improvement Business
On this episode of Rock Stars of Remodeling, home improvement sales and lead gen legend Charlie Gindele discusses three lessons contractors need to know to grow successful and scalable businesses
5 Tips for Managing Home Improvement Businesses by the Numbers
The importance of identifying and measuring key performance metrics in every department of your contracting business