flexiblefullpage - default
interstitial1 - interstitial
Currently Reading

Private Equity Firm Acquires NEWPRO Home Solutions

Advertisement
billboard -
Home Improvement

Private Equity Firm Acquires NEWPRO Home Solutions

NEWPRO Home Solutions is the latest home improvement giant to join Renovo Home Partners


By Caroline Broderick June 2, 2022
new pro renovo home partners
NEWPRO Home Solutions announces acquisition by Renovo Home Partners

New England’s leading home improvement company NEWPRO Home Solutions announced its merger with private equity-backed Renovo Home Partners.

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. 


RELATED: Leaf Home Acquires Tundraland Home Improvements


“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.”


RELATED: Private Equity's Money Effect



written by

Caroline Broderick

Caroline Broderick is the Managing Editor for Pro Remodeler. Most recently, she served as the associate editor for PR's sister publications, Pro Builder, Custom Builder, and PRODUCTS where she covered design, building products, trends, and more in the residential construction industry. She can be reached at cbroderick@sgcmail.com.
 

Related Stories

Reborn Cabinets Acquired by Renovo Home Partners

Private equity's latest move is the acquisition of the West Coast's leading home improvement company

5 Tips for Successful Performance Reviews

If you want to peek into a successful business, look inside the minds of its people

How Can Independent Home Improvement Companies Compete with Private Equity?

Private equity investors are aggressively purchasing larger home improvement companies. What should the smaller players do?

Cause Marketing: What Is It and Why Use It?

Home improvement industry leader Brian Gottlieb breaks down cause marketing and why it should be a part of every home improvement company's budget.

The Best Formation: Hiring Best Practices

Director of Content Erika Mosse shares hiring strategy insights she's heard from remodelers

Understanding the Heart of Every Business: KPIs

In less than two minutes, learn the importance of KPIs, concrete examples, how to incorporate them into your business, and how to break KPIs down for greatest impact.

300,000 Home Improvement DIYers Went to the ER in 2020

A new report finds homeowner's risk for injury during DIY projects.

2022 Forty Under 40

The 11th annual Pro Remodeler Forty Under 40 list highlights the industry's shining future.

How to Solve the Deck Ledger Problem in Fat Walls

Brick veneer and rigid exterior foam raise questions about deck ledger connections. We provide some answers.

FTC Issues Complaint Against HomeAdvisor for Cheating Contractors

The FTC alleges HomeAdvisor, Inc. has cheated contractors since 2014 through misleading sales tactics

Advertisement
boombox1 -
Advertisement
native1 -

More in Category




Advertisement
native2 -
Advertisement
halfpage1 -