Dallas-based Renovo Home Partners continues to expand nationwide with the acquisition of Minnesota Rusco, marking its seventh such investment in the home improvement space since launching earlier this year.
For Renovo, the purchase is the first of a company in the Midwest. It adds Minnesota Rusco to a powerhouse of a portfolio that includes industry-leading giants Dreamstyle Remodeling, Alure Home Improvements, Remodel USA, NEWPRO Home Solutions, Woodbridge Home Solutions, and Reborn Cabinets. The deal with Minnesota Rusco was announced on October 13, 2022.
“It is the brand in Minnesota,” said Renovo’s Chief Executive Officer John Dupuy. “What we’re doing is a buy and build strategy. We buy great regional leaders like Minnesota Rusco and we’re adding to them with best-in-class IT systems, HR, finance, and accounting. It truly is a partnership.”
Minnesota Rusco has offered a wide array of home improvement products in its 65-plus years of service. It sells replacement windows, doors, and siding under the Minnesota Rusco Brand, but also offers bath remodeling and tub-to-shower conversions under the Minnesota Shower and Bath brand and kitchen restyling under the Rusco Kitchen Remodeling (RKR) brand.
At $60 million in annual revenue, Minnesota Rusco leadership believes it’s the largest single-location remodeler in the United States. So, it’s not surprising that it was courted by at least a half dozen private equity firms over the past six months.
“I chose Renovo because I was interested in staying in the business and mentoring the young leadership that’s really running the place,” said Minnesota Rusco’s Chief Executive Officer Jay Deems. “The name–Renovo Home Partners–partners is a key word. They acquire but you keep your name, your brand, and your leadership–and they just provide assistance to grow. And it was important to me that I work with good people.”
This deal comes one month after the announcement that the country’s largest outdoor remodeling company, System Pavers, was acquired by The Cranemere Group in a separate private equity partnership.