Cobepa Closes Acquisition of Ned Stevens

NEW YORK and BRUSSELS, Nov. 2, 2022 /PRNewswire/ -- Cobepa S.A. ("Cobepa") today announced the acquisition of Ned Stevens ("Ned" or the "Company") from AVALT. Cobepa completed the acquisition in partnership with Ned Stevens' existing management team and The Jordan Company, L.P. ("TJC"). AVALT will remain a minority investor in the Company.

Founded in 1965 and headquartered in Fairfield, New Jersey, Ned Stevens is a market leading provider of exterior residential services. The Company, which operates in 15 states across the country, primarily provides gutter cleaning and other exterior residential services such as dryer vent cleaning, power washing, and window cleaning. The Company has grown into a leading platform in the industry through strong organic expansion over its long history supplemented by several acquisitions. Ned Stevens currently serves over 140,000 customers.

Led by CEO Rob Rapuano, Ned Stevens' seasoned management team has been instrumental to the success of the business and is well-positioned to lead the Company going forward. This new investment by Cobepa will provide Ned Stevens with significant resources to continue its rapid growth.

Rob Rapuano, CEO of Ned Stevens said, "Our team couldn't be more excited to partner with Cobepa. As the global market leader in our industry, Ned Stevens is ready to achieve significant long-term growth. Our customers and employees deserve the best, and in Cobepa we have a partner that has extensive experience in residential services, as well as the resources necessary to enable us to deliver the best. The next phase of Ned Stevens starts today, and we are lucky to be fully aligned with a great partner in Cobepa."

"We are thrilled to invest in Ned Stevens and excited to support Rob and the rest of Ned's outstanding management team in expanding the Company's market-leading position. We will fully capitalize on this partnership by deploying Cobepa's extensive resources to explore both organic and inorganic growth strategies, while continuing to support the Company's highly consistent track record of exceptional service to its customers," said Andrew Hollod and Peter Connolly, both Managing Directors of Cobepa.

John Straus, Partner at TJC, commented: "Rob and his team have done a phenomenal job building Ned Stevens into a differentiated leader within the home services industry. We look forward to working with the Company, Cobepa and AVALT during this next stage of growth."

"It's been a privilege to work with the Ned Stevens management team, and to know that while they have achieved so much under our ownership, enormous growth opportunities remain. We're very excited to continue our partnership with the Company into its next chapter," said Ian Reynolds, Partner at AVALT.

Ned Stevens represents Cobepa's ninth platform investment in the U.S. since 2017 and second within residential services, following Cobepa's investment in Heartland Home Services in December 2020. Residential services are a core focus area for Cobepa's Business Services team, alongside testing, inspection, and certification (TIC), governance, risk, and compliance (GRC), need-based repair and maintenance services, IT Services, and financial and insurance services, including tech-enabled solutions in all areas.

White & Case served as legal counsel to Cobepa, and Jefferies served as Cobepa's financial advisor. Golub Capital and Audax Private Debt provided financing for the deal. Harris Williams served as the lead advisor to Ned Stevens with support from Solomon Partners.

Ned Stevens is one of the country's fastest growing and most trusted gutter cleaning and home maintenance companies. Since its founding in 1965 in Fairfield, New Jersey, Ned Stevens has expanded its service offerings and geographic footprint, servicing 15 states including Washington D.C. The Company has earned multiple accolades and thousands of 5-star reviews thanks to its commitment to complete customer satisfaction. Ned Stevens employs an experienced team of gutter and home maintenance providers that give homeowners back their safety, time, and peace of mind.

Cobepa is an independent, privately held investment company with offices in New York, Brussels, and Munich. Cobepa manages a diverse portfolio of private equity investments representing approximately $4.2 billion of equity capital. Cobepa invests in leading companies with superior business models, sustainable market positions and leading management teams. In the U.S., Cobepa is primarily focused on investments in the healthcare, business services and tech-enabled services sectors. For more information, visit www.cobepa.com.

TJC, founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $19 billion with a 40-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Diversified Industrials; Technology, Telecom & Utility; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years, and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago and Stamford. For more information, visit: www.thejordancompany.com. 

AVALT is a family office that invests only its own principals' capital in high quality companies that have significant long-term potential. AVALT builds truly collaborative partnerships with management teams to drive significant growth and change in their businesses. AVALT's permanent and flexible capital supports those companies as they achieve their full potential, without regard to any fund structure or fixed time horizon. For additional information, visit www.avalt.com

SOURCE Cobepa