Marietta, GA, March 4, 2016– In a strategic move designed to accelerate growth, Coolray, a leading Atlanta-based home services company, CEO Ken Haines announced his partnership with "The Wrench Group" ("Wrench" or the "Company"), a culmination of four top home services companies in the United States with the support of Investcorp, a leading provider and manager of alternative investment products.
The Wrench Group, formed by Coolray in Atlanta, Berkeys in Dallas, Abacus in Houston and Parker and Sons in Phoenix, will provide essential home maintenance and repair services, including heating, ventilation and air conditioning, plumbing and electrical services. Each of the companies hold a significant market share in these metropolitan areas, all of which are rapidly expanding home services markets. Combined, the four companies in the Wrench Group represent over $150 million in 2015 revenues.
The Wrench Group plans to utilize Investcorp's expertise and resources to help accelerate growth through acquisitions in new major metropolitan markets while continuing to focus on strong organic growth in existing geographies. The group will target top tier home services companies who currently enjoy excellent branding, sustained growth and superior on the ground operations in Wrench's target markets.
Coolray CEO Ken Haines said, "Great local companies are made of great leaders and great employees. Keeping local branding intact, we remain focused on providing the best service to our customers, ensuring the same focus on fast, expert service, backed by leading edge warranties and guarantees across our well known Atlanta brands, including Coolray, Mr. Plumber and BriteBox."
Haines added, "This move will allow us to take the lessons learned by the best home services companies in the nation and expand our footprint and revenue to new metropolitan cities where we see great opportunity.
Investcorp is a leading provider and manager of alternative investment products. Investcorp has three business areas: corporate investment, real estate, and global hedge funds. As at December 31, 2015, the Investcorp Group had $10.7 billion in total assets under management ('AUM'), including assets managed by third party managers and assets subject to a non-discretionary mandate where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
The Wrench Group is a national leader in home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, and electrical services. The Company collectively serves over 140,000 customers in the Houston, Dallas, Atlanta, and Phoenix metropolitan areas. The Companies have each developed strong reputations in their respective regions with brands that date back to the 1960s. For more information, visit www.wrenchgroup.com.
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