Boston-based private equity firm Audax Group launched Renovo in February 2022 with the acquisitions of industry giants Dreamstyle Remodeling, Alure Home Improvements, and Remodel USA. The acquisition of NEWPRO marks Renovo’s first move post-formation.
NEWPRO opened in 1945 and has remained family-led since that time, currently run under its third-generation owner, Nick Cogliani. The company offers window, door, siding, and roof replacements, and quick-turnaround bath remodels. It projects an estimated 2022 revenue of nearly $130 million. Renovo purchased 100% of NEWPRO.
Similar to Renovo’s past acquisitions, NEWPRO’s leadership team and brand will remain intact, but now with the added benefit of support from the Renovo network.
“Culture was important to preserve as over the years we’ve developed something really special. The ability for me and my leadership team to continue to operate the business and be hands-on was critical,” Cogliani tells Pro Remodeler. “We have brand equity as a long-standing, local, New England family-run business, so maintaining the brand name was essential.”
Aggressive growth is the name of the game for both Renovo and NEWPRO, according to the companies. NEWPRO grew from $30 million to $100 million in just five years, and the potential with new funding and support excites Cogliani, he says.
“At 43 years old, I have a lot of gas in the tank. I’m passionate about this industry and where it’s going. My dad’s been in this industry for over 40 years. I grew up in this business. I never imagined we would see these consolidations in the home improvement space—and watching it happen, I was intrigued,” says Cogliani.
The Renovo approach to maintaining its acquired companies identities and maintaining them is slightly different from other investment approaches, according to Cogliani.
“They're leveraging our knowledge, experience, and ability to run these businesses without change,” he explains. “Any changes that may occur in the future are going to be for the employee benefit due to the economies of scale and being part of a larger organization.”
CEO John Dupuy previously explained Renovo’s approach to Pro Remodeler, “We’re there to support them. We’re not just a holding company because we are providing best-in-class processes and systems in finance and accounting, HR, and information technology.”
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