Bahrain-based Investcorp on Monday announced it has agreed to the sale of The Wrench Group, a provider of home maintenance and repair services in the United States.
It has sold the company to Leonard Green & Partners, a Los Angeles-based private equity firm. The terms of the transaction were not disclosed.
Investcorp, in partnership with management, formed Wrench in 2016. At the time of acquisition, Wrench was comprised of four locally operated companies with market leading positions in Atlanta, Dallas, Houston and Phoenix.
Today, Wrench has divisions in Atlanta, Dallas, Denver, Houston, Phoenix, Sarasota and Tampa markets.
“This transaction was the first acquisition after we announced our growth strategy in 2015,” said Mohammed Alardhi, executive chairman, Investcorp. “We will continue to adopt this entrepreneurial spirit supported by a strong global institutional base across our multi-asset class offerings.”
Ken Haines, CEO of Wrench said: "Investcorp has been a great partner and given us valuable insights that have helped grow our business significantly. We’ve greatly enjoyed the experience working with their dedicated team to expand our services and national footprint and are excited to continue to execute our strategic growth plans with LGP."
In the US, Investcorp said it looks to invest in high growth and cash flow generative mid-sized companies with experienced management teams.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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