Homewerks Worldwide, a portfolio company of H.I.G. Capital, has completed the acquisition of GTR Technologies, a provider of ventilation fans, technology switches, access panels, and related home improvement products. Financial terms were not disclosed.
GTR is headquartered in the Seattle metropolitan area and has expanded its presence with major U.S. home improvement retailers while also building its wholesale and distribution businesses.
The company sells both branded and private-label products, with a focus on easy-to-install technology products for professional users.
Homewerks, based in Lake Bluff, Illinois, develops and markets home improvement products across rough plumbing, fashion plumbing, HVAC, and bath accessory categories.
The transaction represents Homewerks’ fourth add-on acquisition under H.I.G. ownership. H.I.G. said the acquisition supports its strategy of expanding Homewerks with complementary and innovative product categories while leveraging the company’s existing operations, customer relationships, and supply-chain infrastructure.
H.I.G. Capital manages approximately $75 billion of capital and has invested in and managed more than 400 companies since its founding in 1993.
KEY QUOTES:
“GTR plays a critical role in supplying our customers with high-quality, durable home improvement products. We are exceptionally proud of our team’s accomplishments and the reputation we have earned with our customers. Partnering with Homewerks allows us to continue expanding our product lineup in support of our customers while strengthening our position as the market’s leading innovator.”
Tony Branham, Founder of GTR Technologies
“GTR is a market leader with a rich history of innovation coupled with deep customer relationships, and we believe its focused strategy and proven track record is well-positioned for continued growth as part of the Homewerks family. We look forward to working with Tony and the broader GTR team in this exciting new chapter for the organization.”
Peter Berkman, President and CEO of Homewerks
“The highly strategic and complementary combination of GTR and Homewerks enhances the growth capabilities and customer value-add for the overall platform. This transaction marks the fourth add-on acquisition for Homewerks and is the continuation of our strategic growth plan of adding attractive, innovative product offerings that build on Homewerks’ leading product lines, operations, and supply chain capabilities.”
Jon Fox, Managing Director at H.I.G. Capital
