Jan 12 2010
Edgeview is pleased to announce that ReBath LLC, a fast-growing international franchisor of residential bathroom remodeling services, has been acquired by Sorenson Capital of Salt Lake City, Utah, and Webster Capital of Waltham, Mass.
Previously, ReBath was a portfolio company of Gen Cap America, Inc., a Nashville, Tenn.-based private investment firm. Gen Cap retained Edgeview to serve as the company’s exclusive financial advisor during the transaction, which closed December 30, 2009.
Terms of the transaction were not publicly disclosed.
Based in Tempe, Ariz., ReBath works through a network of more than 200 franchisees to implement a one- to two-day, patented remodeling process for residential bathrooms. The company’s franchisees install proprietary, tastefully designed collections that include a broad array of color- and style-coordinated tub liners, shower base liners, wall surround systems and replacement bathtubs and shower bases.
The company offers a high-quality remodeling solution at a relatively low price point when compared to conventional bathroom remodeling options. That has allowed ReBath to continue growing through both of the economic downturns experienced during the 2000s.
“The Edgeview team understands franchising and put that knowledge to work in generating a successful outcome,” ReBath CEO Dave Sanders said. “Throughout the process, Edgeview worked with our team to understand the critical elements of our business, create comprehensive marketing materials and present ReBath to potential partners in a professional manner. We could not be happier with the result and are very excited to begin a new partnership with Sorenson and Webster.”
Edgeview bankers also advised on the March 2009 sale of Gen Cap portfolio company Keltner Enterprises to Atlantic Pacific Automotive.
“This is our second divestiture this year on which Edgeview has served as advisor, and we’ve been delighted with the result both times,” Gen Cap Executive Vice President Don Napier said. “The ability of the Edgeview team to design and execute a targeted marketing process on an expedited timeline was instrumental in successfully closing the ReBath transaction.”
“We are grateful for the opportunity to work with yet another outstanding portfolio company of Gen Cap America,” Edgeview Managing Director John Tye said. “Each of these transactions was designed to meet unique objectives of Gen Cap and the respective management teams; while any transaction has its share of challenges along the way, both of these went very smoothly given the M&A environment in 2009.”
“ReBath has offered a strong value proposition to franchisees and customers during the economic downturn, while at the same time proving itself a sustainable franchisor model,” Edgeview Director Meg Lauck said. “We are excited about ReBath’s continued success under the ownership of Webster and Sorenson, and look forward to bringing additional franchising concepts to the middle market in the months ahead.”
Gen Cap America (www.gencapamerica.com) is a private investment firm that specializes in acquisitions and recapitalizations of middle market businesses. Gen Cap invests in a variety of industries, including manufacturing, distribution and basic service companies with strong market shares in focused niches.
Sorenson Capital (www.sorensoncapital.com) is a private equity firm headquartered in Salt Lake City, Utah. The firm provides small to middle-market buyout and growth equity investments, with a particular focus on opportunities in selected states in the Mountain and Western regions of the United States.
Founded in 2002, Webster Capital (www.webstercapital.com) is a private equity partnership with over $200 million in capital under management which invests in branded consumer, business to business, and healthcare services companies. Webster Capital focuses on companies with EBITDA between $3-15 million and transaction values less than $100 million.
Securities and investment banking services were provided through CIT Capital Securities LLC.
The Edgeview team will continue to provide best-in-class
advisory services to middle-market clients while offering
enhanced capabilities and global reach.
For more information, please read the press release.
We look forward to continue serving you.