Summer Street Capital Partners has acquired Dwellworks, a provider of relocation management services. The management team of Dwellworks and Permal Capital Management co-invested in the transaction with Summer Street. Dwellworks was a portfolio company of a private equity fund managed by Kirchner Group which manages assets for institutional investors.
Dwellworks is an outsourced provider of relocation management services including destination services for relocating employees and their families, intercultural training, property management for both vacant and tenant-occupied homes, and valuation services for relocation, specialty, and mortgage appraisal. Customers include US based and international relocation management companies, corporations, and mortgage providers. Dwellworks, founded in 2007, is headquartered in Cleveland and has offices in Canada, Mexico, Costa Rica, Brazil, the United Kingdom, Germany, and Luxembourg (www.dwellworks.com).
“The culture at Dwellworks is special. Not only is it an organization with an exceptionally dedicated staff and experienced management team, but they live by their core values as well,” said Brian D’Amico, Managing Partner of Summer Street. “This is evident each time you walk through the doors at Dwellworks, and in their reputation and client satisfaction. We are excited to work with such a talented, collaborative team to continue to identify and realize growth opportunities.”
Summer Street Capital Partners has approximately $440 million of committed capital focused on investing in small-market companies. The firm makes equity investments of at least $10 million in companies with annual revenues of $20 million to $150 million that are located in the eastern half of the US and Canada. Summer Street invests in a range of industries but has particular interest in manufacturing; industrial, business and consumer services; and distribution. The firm was founded in 1999 and is based in Buffalo (www.summerstreetcapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-5-15
