Anaheim, Calif.-based Reborn Cabinets announced its acquisition by Renovo Home Partners today, joining five other previously acquired industry-leading home improvement companies.
Reborn, a three-generation family-run business, opened in 1983 offering cabinet refacing surfaces. Today, the company employs more than 600 with revenues exceeding $100 million, offers quick turnaround bath remodels and window installs, even teaming up with Costco in 2020 for its refacing service.
President Vince Nardo previously told Pro Remodeler that the company’s next goal is a nationwide cabinet refacing program, and this acquisition may point toward a shorter timeline in achieving that goal.
For Renovo, this marks the first company on the West Coast, giving the private equity-backed network a nearly nationwide footprint. Renovo launched in January of this year with the acquisitions of Dreamstyle Remodeling, Alure Home Improvements, and Remodel USA. New England-based NEWPRO Home Solutions joined in early June, followed shortly behind by Dallas-based Woodbridge Home Solutions.
"Reborn has grown immensely in the past several years, and that growth has meant looking for a partner who supports our vision to provide the support and resources needed for the next steps," said Chief Financial Officer Anthony Nardo in the official release. "We're so pleased to have found the right platform upon which to continue our parents' legacy."
Private Equity and Industry Conditions
Despite reports of dwindling confidence in the economy from consumers and a resulting home improvement demand softening, the pricey moves from private equity in recent months show strong financial confidence.
Private equity’s interest in the home improvement industry has grown significantly the past few decades, especially coming out of the Great Recession when the industry was seen as too risky.
“The cyclicality, moderate annual growth rate, big upturns and downturns, its fragmentation—these factors of the remodeling industry are risks private equity investors have historically been avoiding,” Abbe Will, researcher and associate project director of the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, previously told Pro Remodeler.
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