L Catterton to Acquire LTP Home Services Group, Positioning LTP as the Partner of Choice in the Plumbing and HVAC Industry

GREENWICH, Conn. and BALTIMORE, March 22, 2022 /PRNewswire/ -- L Catterton, the largest global consumer-focused private equity firm, today announced that it has reached an agreement to acquire LTP Home Services Group ("LTP" or "the Company"), a leading residential plumbing and HVAC services platform operating in the Mid-Atlantic and Southeast regions, from Thompson Street Capital Partners ("TSCP"). TSCP will retain a board seat and minority stake in the Company. Terms of the transaction were not disclosed.

Founded in 1996 by Len Bush, LTP Home Services Group offers residential plumbing and HVAC services, with a reputation for outstanding quality and customer service under a number of brands, including Len the Plumber. LTP is proud to be a two-time, NexStar Top Financial Award winner, consistently receiving top customer satisfaction scores. The Company has a proven track record as an industry innovator and platform consolidator that has consistently delivered strong performance and rapid growth over multiple decades. LTP is keenly focused on customer satisfaction while striving to be the employer of choice for technicians. With L Catterton's support, LTP is well-positioned to continue growing its platform through a proven acquisition strategy, further propelling growth in new and existing markets.

"We're excited to partner with L Catterton to continue our accelerated growth and take LTP to the next level as a leading residential services platform," said Jeff Cooper, CEO of LTP Home Services Group. "L Catterton brings significant experience in supporting the scaling and growth of consumer services brands, and together, we look forward to capitalizing on a robust pipeline of opportunities to expand our differentiated offering. With L Catterton's partnership, we will continue to build on our multiple initiatives to scale and diversify the business and remain highly focused on executing our acquisition strategy. I am thrilled about the opportunities this partnership creates for our company and our team members, who will also benefit from our continued growth."

"The residential services category is highly fragmented and at an inflection point where technology and digitalization are expected to drive significant consolidation," said Matt Lischick, a Partner at L Catterton. "Positioned in desirable, high-density markets with world-class technicians, a reputation for excellence, and a proven acquisition track record, LTP is a truly unique platform with a disruptive combination of growth opportunities. We look forward to working with LTP's exceptional management team as they continue to rapidly scale their business."

"LTP is a case study in what can be achieved with a buy-and-build acquisition strategy," said Jeff Aiello, a Managing Director at TSCP. "When we partnered with Jeff Cooper and his management team, it was clear that LTP had the executive talent to grow organically and continue to execute on their proven geographic greenfield expansion playbook.  By completing six add-ons and driving substantial organic growth, the business has quadrupled during TSCP's ownership. We are excited to continue our partnership with LTP as minority owners and look forward to seeing the next phase of growth with L Catterton's involvement."

L Catterton has significant experience investing in consumer services brands. Current and past investments include CorePower Yoga, DentalCorp, FYIdoctors, Alliance Animal Health, and Pet Vet Care Centers.

Kirkland & Ellis LLP acted as legal counsel to L Catterton. Jefferies served as financial advisor and Sidley Austin LLP acted as legal counsel to TSCP.

About LTP Home Services Group

Founded in 1996 by Len Bush as "Len the Plumber," LTP Home Services Group is a leading residential services company with a specialization in plumbing and HVAC services, operating across the Mid-Atlantic and Southeast regions under six brands. LTP provides professional, same day service seven days a week, with technicians working around customer schedules, never charging extra for same day, evening, or weekend appointments, and dispatched based on specialization. For more information about LTP Home Services Group, please visit https://lentheplumber.com/.

About L Catterton

With more than $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. Leveraging deep category insight, operational excellence, and a broad strategic network of relationships, L Catterton's team of nearly 200 investment and operating professionals support management teams around the world in building strong, category-leading brands. Since 1989, the firm has made approximately 250 investments in consumer businesses. For more information about L Catterton, please visit lcatterton.com.

About Thompson Street Capital Partners

Thompson Street Capital Partners (www.tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the healthcare and life science services, software and technology services, and business services and engineered products sectors. Founded in 2000, the firm has acquired more than 100 companies. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions. For more information about TSCP, please visit tscp.com.

Media Contact:

L Catterton
Julie Hamilton
Managing Director, Firm Communications
[email protected]
203.742.5185

SOURCE L Catterton