GREENWICH, Conn. and BALTIMORE, March 22, 2022 /PRNewswire/ — I Catterton, the world’s largest consumer-focused private equity firm, today announced that it has entered into an agreement to acquire LTP Home Services Group (“LTP” or “the Company”), a Leading residential plumbing and HVAC services operating in the Mid-Atlantic and Southeast Regions, from Thompson Street Capital Partners (“TSCP”). TSCP will retain a seat on the board and a minority stake in the company. Terms of the transaction were not disclosed.
Founded in 1996 by Len Bush, LTP Home Services Group offers residential plumbing and HVAC services, with a reputation for exceptional quality and customer service under a number of brands, including Len the Plumber. LTP is proud to be a two-time winner of the NexStar Top Financial Award, consistently receiving top customer satisfaction scores. The company has a proven track record as an industry innovator and platform builder that has consistently delivered strong performance and rapid growth over several decades. LTP is strongly focused on customer satisfaction while striving to be the employer of choice for technicians. With I With Catterton’s backing, LTP is well positioned to continue growing its platform through a proven acquisition strategy, further propelling growth in new and existing markets.
“We are delighted to partner with I Catterton to continue our accelerated growth and take LTP to the next level as a leading residential services platform,” said Jeff Cooper, CEO of LTP Home Services Group. “I Catterton brings significant experience in supporting the scale and growth of consumer service brands, and together we look forward to capitalizing on a strong pipeline of opportunities to expand our differentiated offering. With I partnership with Catterton, we will continue to leverage our multiple initiatives to scale and diversify the business and remain strongly focused on executing our acquisition strategy. I am excited about the opportunities this partnership creates for our business and our team members, who will also benefit from our continued growth.”
“The residential services category is highly fragmented and at an inflection point where technology and digitalization are expected to drive significant consolidation,” said Matt Lischickpartner at I Catterton. “Positioned in desirable, high-density markets with world-class technicians, a reputation for excellence, and a proven acquisition track record, LTP is a truly unique platform with a disruptive combination of growth opportunities. We look forward to to work with the exceptional leadership of the LTP team as they continue to rapidly scale their business.”
“LTP is a case study in what can be achieved with a buy-and-build acquisition strategy,” said Jeff Aiello, CEO of TSCP. “When we partnered with Jeff Cooper and its management team, it was clear that LTP had the leadership talent to grow organically and continue to execute on its proven geographic expansion program. By completing six add-ons and generating substantial organic growth, business quadrupled under TSCP ownership. We are delighted to continue our partnership with LTP as minority owners and look forward to seeing the next phase of growth with I Catterton’s involvement.”
I Catterton has significant experience investing in consumer service brands. Current and past investments include CorePower Yoga, DentalCorp, FYIdoctors, Alliance Animal Health and Pet Vet Care Centers.
Kirkland & Ellis LLP acted as legal counsel for I Catterton. Jefferies served as financial advisor and Sidley Austin LLP acted as legal advisor to TSCP.
About LTP Home Services Group
Founded in 1996 by Len Bush trading as “Len the Plumber”, LTP Home Services Group is a leading residential services company specializing in plumbing and HVAC services, operating in the Mid-Atlantic and Southeast regions under six brands. LTP provides professional, same-day, seven-days-a-week service with technicians working on customer schedules, never charging extra for same-day, evening or weekend appointments, and split into depending on the specialization. For more information about LTP Home Services Group, please visit https://lentheplumber.com/.
On I Catterton
With over $30 billion in equity across its fund strategies and 17 offices globally, I Catterton is the world’s largest consumer-focused private equity firm. Leveraging deep category knowledge, operational excellence and an extensive network of strategic relationships, I Catterton’s team of nearly 200 investment and operating professionals helps management teams around the world build strong, category-leading brands. Since 1989, the company has made approximately 250 investments in consumer businesses. For more information on I Catterton, please visit lcatterton.com.
About Thompson Street Capital Partners
Thompson Street Capital Partners (www.tscp.com) is a Saint Louisprivate equity firm focused on investing in middle-market, founder-led companies in healthcare and life sciences services, software and technology services, business services and engineered products . Founded in 2000, the company has acquired more than 100 companies. TSCP partners with management teams to increase value by accelerating growth, both organically and through acquisitions. For more information on TSCP, please visit tscp.com.
Managing Director, Cabinet Communications