Atlanta, London and Edinburgh, November 1, 2022
Cairngorm Capital Partners LLP (Cairngorm Capital) is pleased to announce its portfolio company, SageHome, has acquired Midwest Bath Company LLC (Midwest Bath), accelerating its goal to provide a national, aging-in-place solution to the United States market.
Founded in 2019, Midwest Bath is a highly successful, bathroom remodeling company that specializes in bathroom safety upgrades for seniors, and those with access difficulties. Serving customers across Illinois and Iowa, it has developed an expertise in providing rapid ‘one-day’ installations of walk-in baths and low threshold showers, which minimize disruption to homeowners. Headquartered in Moline, Illinois, Midwest Bath has 34 employees.
Following its partnership with Cairngorm Capital earlier this year, SageHome is pursuing the dual strategy of rapid organic growth and strategic acquisition to build a national presence. It acquired New Bath Today in April and has driven strong organic growth, expanded into new territories and invested in new systems.
Chris and Karen Bowling, Midwest Bath’s shareholders, will continue to support the business, working with Brian Hutto, SageHome’s Chief Executive, and the rest of the SageHome team to expand geographically.
Chris Bowling, Midwest Bath’s Managing Director, said “We are excited by this partnership and are delighted to be collaborating with SageHome. The combination provides numerous opportunities to scale further. In SageHome, we have found the right partner to help us advance our business – one who shares our vision for growth and our commitment to optimizing the customer experience. We are really excited to see what this partnership delivers.”
Brian Hutto, SageHome’s CEO, said “We are making great progress towards our goal of building a national aging-in-place business. A key element is our bath division, which is growing rapidly and now operates in 11 states. Midwest Bath is a great addition to our company, helping us to respond to the surge in demand for our services and offering scope for growth across Iowa and Illinois. I am delighted to welcome Chris and his team to SageHome.”
Stuart Whiteford, who led the acquisition, added “Midwest Bath is an example of everything that we look for in a partner firm – a strong customer proposition, a scalable business model and first-rate employees. We are deploying significant investment into SageHome and we look forward to supporting Brian, Chris and the team as they advance their strategic plans to build a national aging-in-place business.”
Dr Amit Thaper, who leads Cairngorm Capital’s investment added, “Midwest has a well-regarded brand, a culture of high-performance, and an outstanding service reputation. Its geographic location and our appetite for growth make it a great fit for SageHome. We are excited by the continued market opportunity at SageHome, and look forward to working with Brian and Chris as we execute our growth plan.”
Cairngorm Capital and SageHome were advised on this transaction by Somerset CPA & Advisors (financial and tax), Dentons (legal), BackBone Capital (debt advisory), Sibert Keck Insurance Partners (insurance), Delphi Partners Advisory (technology). Midwest Bath was advised by Hans Peter Dyke (legal).
For further information, please contact Katherine Ritchie on 020 8347 6183 or 07941 040021
Notes for editors
Cairngorm Capital Partners LLP is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in privately-held, strongly-performing, mid-market growth companies with long-term growth potential, operating in manufacturing, distribution and services industries. The firm’s goal is to build and realize value through growth and performance improvements. Cairngorm Capital’s unique mix of sectoral expertise and investment skill enables it to be actively involved in the strategy and operational focus of portfolio companies, partnering with management teams to grow revenue, enhance margins, improve cash flow or consolidate industry leadership positions.
Cairngorm Capital’s current portfolio includes majority-owned stakes in:
E-zec Medical
Independent Builders Merchants Group
MRO+ Solutions Group
Millbrook Healthcare
National Timber Group
PaintWell
SageHome
Sentry Doors
Verso Wealth Management
Whyte Bikes
SageHome is a home services organization whose mission is to provide stylish home modifications for people who want to age in place gracefully. The company continues to build a nationwide platform and earlier this year, acquired New Bath Today and launched Smart Bath, its bath division, which is growing rapidly and now operates in 11 states. The bathroom is the place where most slips, falls, and injuries occur for seniors. So, SageHome’s initial focus on the bathroom allows it to make a significant impact, by providing safer bathrooms across the Midwest and Southeast. The company continues to focus actively on building a national solution for all seniors through acquisitive and organic growth.
You can read more about this ground-breaking business by visiting:
sagehomenow.com, newbathtub.com and smartbath.com
Midwest Bath – Headquartered in Moline, Illinois, Midwest Bath is a highly successful, bathroom remodeling company that specializes in bathroom upgrades for consumers, with a focus on providing seniors, and those with access difficulties, stylish and safe bathroom upgrades. Serving customers across Illinois and Iowa, it has developed an expertise in providing rapid ‘one-day’ installations of walk-in baths and low threshold showers, which minimize disruption to homeowners.
midwestbath.com
View the pdf version: Cairngorm Capital Release 01.11.2022 pdf
