Atlanta, London, and Edinburgh, 4 October, 2023
Cairngorm Capital Partners LLP (Cairngorm Capital) is pleased to announce that its portfolio company, SageHome, has acquired Safe Showers LLC, underlining its position as the largest provider of aging-in-place bath remodeling services in the United States. This acquisition extends SageHome’s operations into Texas and across the South, and reflects a step change in the company’s acquisition activity.
Headquartered in San Antonio, Texas, Safe Showers is a bath remodeling business that specializes in providing fast installations with the goal of helping seniors, veterans, and others with access difficulties to live comfortably in their homes. Owner and CEO, Chris Edelen has a long track record in the bath remodeling sector, having previously been CEO of LeafGuard, which had the largest network of Jacuzzi walk-in-tub dealers nationally; built and sold a multi-million-dollar business; and led the Kohler team that launched the walk-in-tub offering and nationwide Kohler dealer network. He and Joan Edelen, Safe Showers’ CFO, will continue to lead Safe Showers with the support of his leadership team, working with the SageHome team to realize the growth opportunities of the business.
Drawing on Cairngorm Capital’s ‘buy, build and transform’ expertise, SageHome has experienced rapid growth since its launch in April 2022. Applying a dual strategy of rapid organic growth and strategic acquisition, SageHome has rapidly built its presence across the United States and following today’s acquisition, operates from 23 states across the West, Midwest, South, and New England. The business is now four times the size of its original acquisition, New Bath Today.
Brian Hutto, Chief Executive of Sage Home explained, “We are delighted to welcome Chris and the Safe Showers team to SageHome. We have experienced remarkable growth since inception, quadrupling both our revenues and geographic footprint. Our success has been achieved by pursuing strategic organic and acquisitive growth opportunities and applying a disciplined value creation plan. As leaders in a large and growing market for aging-in-place services, our partnership with Safe Showers adds, geographic reach and allows us to service more customers with our offering.”
Chris Edelen, Chief Executive of Safe Showers, said: “We are delighted to be joining SageHome and are excited by this partnership. Aging-in-place services remain low across the USA so we have a shared ambition to reshape this landscape and are focused on scaling our services while upholding the highest standards of customer service excellence. We have every confidence that this partnership will deliver great things.”
Stuart Whiteford, Investment Director at Cairngorm Capital who led the acquisition added, “It is great to continue the M&A momentum at SageHome with our second acquisition in two months. We have long admired the Safe Showers business and are pleased to welcome them to the SageHome group. The company shares our commitment to deliver exceptional service to help customers retain independence in their home.”
Dr Amit Thaper, Managing Director who leads Cairngorm Capital’s investment in SageHome commented, “With a well-oiled playbook, SageHome has implemented a strong, scalable model for growth and is primed to capitalize on this sector’s untapped demand. We are pleased to support Brian and his team as they deliver on their plans for SageHome.”
Cairngorm Capital and SageHome were advised on this transaction by Grant Thornton (financial and tax), Dentons (legal), Ed Schloesslin (HR), and Lockton (insurance). Safe Showers was advised by Robert Macklin (legal) and Bill Dimick (financial and tax).
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 companies in the UK and the USA. It invests in strongly performing, mid-market growth companies, operating in sectors that demonstrate long-term demand growth, and in which our team has deep experience – aging in place; repair, maintenance & improvement of properties; wealth management; and sustainability. 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 our team 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:
EMED Group
Independent Builders Merchants Group
MRO+ Solutions Group
Millbrook Healthcare
National Timber Group
PaintWell
SageHome
Sentry Fire Safety Group
Verso Wealth Management
Whyte Bikes
SageHome is a home services organization that’s mission is to provide stylish home modifications for people who want to age in place gracefully. The company is following a dual strategy of acquisitive and strong organic growth to build a national solution for all seniors. It launched its bath division in April 2022 with the acquisition of New Bath Today and today, operates from 18 states across the Midwest, Southeast, and New England. The company has four trading brands:
- Carefree Home Pros serves customers in Connecticut and Massachusetts carefreehomepros.com
- Colorado Living serves homeowners in Colorado and Wyoming getcoloradoliving.com
- Midwest Bath Company serves customers across Illinois and Iowa midwestbath.com
- New Bath Today serves homeowners across Indiana, Michigan, Ohio, Kentucky, West Virginia, Tennessee, Alabama, Mississippi, Arkansas, Louisiana, and Florida newbathtoday.com
- One Day Bath serves customers in Utah and Montana onedaybath.com
- Smart Bath serves customers across Georgia, North Carolina, and South Carolina smartbath.com
You can read more about this ground-breaking business at: sagehome.com
Safe Showers is a family-owned bath remodeling business headquartered in San Antonio, Texas that specializes in providing fast installations with the specific goal of helping seniors, veterans, and others with access difficulties to live comfortably in their homes.
safeshowers.com
View the pdf version: Cairngorm Capital Release 04.10.2023 pdf
