East Meadow-based Alure Home Improvements has been acquired by Audax Private Equity.
Terms of the deal were not disclosed.
Alure was one of three regional companies folded into the newly formed Renovo Home Partners, headquartered in Dallas. The other two firms now under the Renovo umbrella are Dreamstyle Remodeling from Albuquerque, N.M. and Remodel USA of Capital Heights, Md.
Founded more than 75 years ago, Alure has served over 30,000 customers with their home remodeling needs. The company, which works on residential kitchens, bathrooms and general home improvement projects on Long Island, has been led by Sal Ferro since 1998.
“I am extremely pleased with all aspects of this transaction,” Ferro said in a written statement. “We were fortunate to have several options available, but Audax’s approach and supportive culture made it an easy choice. The partnership with Renovo will not only enable us to build more homeowner dreams and proudly continue to deliver exceptional customer service, it will provide even more opportunities for our employees who have helped make our success possible.”
With over $8 billion invested, Boston-based Audax Private Equity has been acquiring and scaling middle-market companies for more than 20 years. It has made more than 150 platform investments and over 1,000 add-on acquisitions.
“We believe the DTC home improvement market is well suited for Audax’ Buy & Build strategy, and we plan to work to scale rapidly,” Jay Mitchell, managing director at Audax Private Equity, said in the statement.
John Dupuy, CEO of Renovo, added: “Given the long-term success of the three brands, we saw significant potential in combining the businesses under one umbrella to create a larger, more diversified company and ultimately working to become one of the nation’s leading DTC home repair and remodel services company.”
Protegrity Advisors, an M&A advisory firm with offices in Ronkonkoma, Westbury and Riverhead, served as the exclusive advisor to Alure in its acquisition by Audax.
“We at Protegrity were honored to represent Alure and mindful of its legacy dating back to 1946,” Gregg Schor, CEO of Protegrity Advisors, said in the statement. “It’s always extremely gratifying to help effectuate a sale that benefits the owners, employees and customers, and being able to attract a private equity firm as prestigious as Audax to invest on Long Island makes this transaction especially rewarding.”