Comvest Partners Announces Strategic Investment in Renovation Brands
WEST PALM BEACH, Fla., Nov. 22, 2021 (GLOBE NEWSWIRE) — Comvest Partners (“Comvest”), an operationally-focused middle-market private investment firm, is pleased to announce a strategic investment in Renovation Brands, a multi-brand e-commerce platform of home improvement products. Renovation Brands becomes the third direct-to-consumer e-commerce company in Comvest’s private equity portfolio, and its sixth platform in a home-related category. In the transaction, Comvest partnered with Renovation Brands’ founder, Rick Morse; Digital Fuel Capital, a private investment firm and existing investor; and members of the management team. Financial terms were not disclosed.
Founded in 2002, Renovation Brands is a pioneer in the online home improvement products sector. The company, led by Marc Sieger, Chief Executive Officer, operates a platform of 11 distinct e-commerce destinations spanning categories such as kitchen and bath, decorative finishes, and hearth and patio. Renovation Brands serves consumers as well as professionals, including builders, architects, designers, and property managers, in residential and commercial projects.
“Renovation Brands innovated the online home improvement buying experience in the categories it serves,” said Tom Clark, a Senior Partner at Comvest. “We are thrilled to partner with such a talented and visionary management team. Years ago, they saw the great potential of a scalable family of category-leading home renovation brands sold directly to consumers and differentiated through product specialization, product expertise, and superior customer experience.”
With a broad selection of products, a customized digital buying experience, more than 45,000 customer reviews, in-house expert product support, and direct-to-consumer fulfillment, Renovation Brands is a trusted, go-to source for home renovation needs. Its product portfolio includes kitchen cabinets; sinks, counters and vanities; air registers and baseboard covers; decorative ceiling tiles; and electric fireplaces and fireplace mantels.
“Both do-it-yourself consumers and construction and design professionals are increasingly comfortable making home improvement purchases online,” said Kevin LaHatte, a Partner at Comvest Partners. “Renovation Brands is at the forefront of facilitating this trend with a seamless purchasing experience. We look forward to supporting management in expanding Renovation Brands through organic growth and continued acquisitions of leaders in other home improvement categories.”
“Renovation Brands is excited to partner with Comvest,” said Mr. Sieger. “Comvest brings unique experience supporting management teams in building market-leading companies in industry segments rapidly transitioning to online purchasing. We look forward to Comvest’s resources and significant operational and capital markets expertise in our next phase of expansion.”
In addition to Renovation Brands, Comvest’s other current or former portfolio companies in the direct-to-consumer e-commerce space include BEL USA (d.b.a. discountmugs.com), an online retailer of customized promotional products, and Rugs USA (d.b.a. RugsUSA.com), a leading online retailer of area rugs and other home décor products. Several other of Comvest’s platforms serve various niche home-related markets: Lasko, North America’s leading provider of home environment products; Old Time Pottery, a value retailer of home décor products; and Spinrite, North America’s leading craft yarn company.
Houlihan Lokey acted as financial advisor to Renovation Brands in connection with the transaction. Baird served as financial advisor and McDermott Will & Emery served as legal advisor to Comvest. Financing for the transaction was provided by Barings LLC.
About Renovation Brands:
Renovation Brands is a leading digitally native, multi-brand e-commerce platform of home improvement products serving consumers and professionals in the residential and commercial renovation space. Renovation Brands is currently comprised of multiple specialty e-commerce brands including American Tin Ceilings, Reggio Register, Electric Fireplaces Direct, Mantels Direct, Electric Fireplaces Canada, Baseboarders, RTA Cabinet Store, DecorPlanet.com, Trueform Concrete, Blendhouse, and Kitchen Design Pros. For more information, please visit www.renovationbrands.com
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $7.1 billion. Today, Comvest Partners has approximately $6.5 billion in assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com
For more information, please contact:
Tom Clark, Senior Partner, Comvest Partners – [email protected]
Kevin LaHatte, Partner, Comvest Partners – [email protected]
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