Gryphon Investors, a leading middle-market private equity firm, has announced it has acquired Repipe Specialists in partnership with the company's current owner and founder Jeff Butler, who will remain a significant shareholder. This represents the fourth investment closed by Gryphon's Heritage Fund, a small-cap fund offering launched by Gryphon in 2020. Financial terms of the transaction were not disclosed.
Founded in 1991 and headquartered in Burbank, California, Repipe is a leading home services company providing lead generation, customer qualification, sold projects, training and billings for plumbing companies providing re-piping services for single and multi-family customers. Repipe increases the revenues of its plumbing partners by focusing on non-plumbing aspects of re-piping projects on their behalf to enable them to focus on their core competencies. The Company currently operates in 10 states and plans to expand into additional regions in partnership with Gryphon.
Keith Stimson, deal partner and head of the Heritage Fund team at Gryphon, said, "Our investment in Repipe is a continuation of Gryphon's successful proactive sector initiative in home services. We have specifically targeted the plumbing subsector as an area for further investment, as we believe this industry will continue to experience strong underlying demand."
Amanda Kalin, Gryphon managing director on the Heritage Fund team, added, "Repipe has 30 years of experience in providing compelling services to both homeowners and plumbing partners, resulting in a win-win for everyone involved. Repipe is a clear leader in its field, and we look forward to working with Jeff and the management team to accelerate the Company's growth."
Butler will remain president of the Repipe. "I am excited to team with Gryphon, which has a long and successful history of working with family and founder-owned companies," he said. "I am confident that Gryphon's excellent operating and financial resources will support us as we maintain the highest quality standards for our customers and continue building exceptional relationships with our plumbing partners."
Jef Rogers, managing director in Gryphon's operations resources group, added, "We are delighted to join forces with Jeff and the Repipe team to invest behind a multitude of growth opportunities that the company has identified."
Gryphon was advised by legal counsel Kirkland & Ellis LLP and financial advisor Moelis & Company. Shields & Company served as the exclusive financial advisor to Repipe Specialists, and Blank Rome LLP served as Seller legal counsel.