MARIETTA, Ga. — In a strategic move designed to accelerate growth, Coolray CEO Ken Haines announced the Atlanta-based home services company had formed a partnership with The Wrench Group — a culmination of four home services companies in the U.S. — with the support of Investcorp, a provider and manager of alternative investment products.
The Wrench Group — formed by Coolray in Atlanta; Berkeys Air Conditioning, Plumbing, and Electrical in Dallas; Abacus Plumbing, Air Conditioning, and Electrical in Houston; and Parker and Sons Inc. in Phoenix — will provide essential home maintenance and repair services, including HVAC, plumbing, and electrical services. Each of the companies holds a significant market share in these metropolitan areas, all of which are rapidly expanding home services markets. Combined, the four companies represented more than $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 that currently enjoy excellent branding, sustained growth, and exceptional on-the-ground operations in Wrench’s target markets.
“Great local companies are made of great leaders and great employees,” Haines said. “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.
“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,” added Haines. For more information about Coolray, visit www.coolray.com
Publication date: 4/4/2016