H.I.G. Capital Completes Growth Investment in Homewerks Worldwide
MIAMI – May 13, 2021 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $44 billion of equity capital under management, is pleased to announce that an affiliate has completed a growth investment in Homewerks Worldwide, LLC (“Homewerks” or the “Company”), a leading 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.
H.I.G. 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 said, “We are thrilled to partner with H.I.G., 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,” added Ryan Kaplan, Managing Director at H.I.G. “We are looking forward to partnering with Peter and the rest of his talented executive team as they lead the organization through a new phase of organic and inorganic growth.”
McDermott Will & Emery LLP served as legal counsel to H.I.G. on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Homewerks Worldwide, LLC.
About Homewerks Worldwide, LLC
Homewerks develops, sources, and markets bathroom, kitchen, and plumbing products for home and commercial use under the Homewerks™, Tosca®, Aqua Vista®, Home2O™, LDR®, and Exquisite® brand names. Since its formation in 2006, Homewerks has shown consistent sales growth fueled by a proven track record of bringing innovative, efficient, and high quality product solutions to homes. Headquartered in Lake Bluff, Illinois, Homewerks operates out of two distribution centers with strategically located personnel across the globe. For more information, visit www.homewerks.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $44 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.