NEW YORK, March 3, 2016 /PRNewswire/ -- Investcorp, a leading provider and manager of alternative investment products, announced a majority investment in The Wrench Group ("Wrench" or the "Company"). The Company was formerly controlled by Alpine Investors, Skylight Capital, and Wrench management. The Wrench Group provides essential home maintenance and repair services, including heating, ventilation and air conditioning, plumbing and electrical services.
The Company operates in a large and fragmented $200 billion market and has demonstrated consistent growth through all economic cycles. The Wrench Group currently serves over 140,000 customers throughout the Atlanta, Dallas, Houston, and Phoenix markets, four of the fastest growing metropolitan areas in the United States. With approximately $150 million in revenue for 2015, The Wrench Group is positioned as a leading provider of home services in each of its markets due to high brand recognition and commitment to exceptional customer service. The Company is poised for continued growth in existing and new markets.
"Investcorp is excited to partner with The Wrench Group's outstanding management team. The team has distinguished itself by achieving substantial growth in each of the Company's markets while providing superior customer service," said David Tayeh, Head of Corporate Investment for North America at Investcorp. "We plan to support the Company in continuing to build upon its current successes by capitalizing on best practices across the enterprise, continuing the strong organic growth in its current regions and strategically expanding into attractive markets."
As part of the transaction, management will continue in their current roles with the Company and retain a meaningful interest in Wrench. Collin Hathaway, Managing Partner of Skylight Capital and Chairman of Wrench said, "We spent the past five years identifying and partnering with the best regional companies who have strong leadership and the right cultural fit in the non-discretionary home service space. Investcorp shares our commitment to our team, our customers and our industry, and we are thrilled to have them as a partner." Graham Weaver, Founder and Partner of Alpine Investors added: "The management team at Wrench has built a world class, durable company that continues to provide incredible service and value to thousands of customers throughout the U.S. We are honored to have Investcorp, a first rate and experienced investor, as a partner to help the Company realize its potential."
Investcorp is a leading provider and manager of alternative investment products. Investcorp has three business areas: corporate investment, real estate, and global hedge funds. As at December 31, 2015, the Investcorp Group had $10.7 billion in total assets under management ('AUM'), including assets managed by third party managers and assets subject to a non-discretionary mandate where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
About The Wrench Group
The Wrench Group is a national leader in home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, and electrical services. The Company collectively serves over 140,000 customers in the Houston, Dallas, Atlanta, and Phoenix metropolitan areas. The Companies have each developed strong reputations in their respective regions with brands that date back to the 1960s. For more information, visit www.thewrenchgroup.com.
Alpine Investors is a values-driven private equity firm committed to building enduring, purpose-driven companies through its unique PeopleFirst model. Leading with a focus on people, Alpine invests in founder-owned, middle-market companies in the software, online and business services industries. Alpine has raised over $900 million of committed capital and invested in more than 50 companies since its inception in 2001. For more information, visit www.alpine-investors.com.
Based in Seattle, Washington, Skylight Capital was formed to invest in companies in the Western U.S. with $1.0 million to $4.0 million of EBITDA. Skylight seeks to partner with owner-operators with clear vision and the ability to implement ambitious growth plans. More information on Skylight is available at www.skylight-capital.com.