HIG Capital completes growth investment in Homewerks Worldwide
HIG Capital (HIG), a global alternative investment firm with USD44 billion of equity capital under management, has completed a growth investment in Homewerks Worldwide, LLC (Homewerks), an innovator in the kitchen, bathroom, and plumbing home improvement categories.
Founded in 2006 by Peter Berkman and based outside Chicago, Illinois, Homewerks develops, sources, and markets a variety of home improvement products under their own brand names as well as retailer private brands across the rough plumbing, fashion plumbing, HVAC, and bath accessory categories. The Company’s reputation for continuous innovation, high quality products and services, and its expansive product portfolio drive significant value for its customers.
HIG is partnering with Chief Executive Officer Peter Berkman as well as the current management team to provide capital and resources to take advantage of the Company’s significant strategic growth initiatives, new product development, and substantial consolidation opportunities across the highly fragmented home improvement industry.
Peter Berkman, CEO of Homewerks, says: “We are thrilled to partner with HIG, which will enable Homewerks to scale its product offering while further expanding the Company’s sales, marketing, and distribution capabilities across new and existing markets. We believe our customers and employees will benefit greatly from this partnership and are looking forward to the exciting next steps in Homewerks’ growth journey.
“We believe Homewerks represents an ideal opportunity to invest in a differentiated, best-in-class distributor serving the highly attractive kitchen, bathroom, and plumbing home improvement categories,” adds Ryan Kaplan, Managing Director at HIG. “We are looking forward to partnering with Peter and the rest of his talented executive team as they lead the organisation through a new phase of organic and inorganic growth.”
McDermott Will & Emery LLP served as legal counsel to HIG on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Homewerks Worldwide, LLC.