Levine Leichtman Capital Partners (LLCP) has acquired HomeVestors of America from Franchise Brands LLC. HomeVestors’ senior management team partnered with LLCP on this transaction.
HomeVestors of America is a privately owned real estate company that sells We Buy Ugly Houses franchises to investors. The franchisees provide real estate services by buying homes in need of repair and homes that owners need to sell more quickly than usually can be done through a realtor. Typically, HomeVestors franchisees then renovate and sell or rent them, and franchisees hold the homes they purchase for six months on average. The company has approximately 800 franchisees purchasing approximately 8,000 homes annually in 120 markets throughout the United States.
HomeVestors was founded in 1996 and is led by Co-President David Hicks. The company is headquartered in Dallas (www.homevestors.com). “We are excited to partner with David Hicks and the rest of the management team who have successfully led the growth of HomeVestors and solidified its position as the leading franchisor of real estate investment services,” said Lauren Leichtman, Co-Founder and CEO of LLCP. “We look forward to working with management as they continue to expand the franchise across the country.”
Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is based in Los Angeles with offices in Chicago, Dallas, New York, London and The Hague (www.llcp.com).
“I am delighted to partner with LLCP as HomeVestors seeks to advance in its next stage of growth. LLCP’s resources and experience as a leading franchise investor will be critical in the continued development of the company and I look forward to leveraging LLCP’s strategic and financial expertise,” said Mr. Hicks.
The investment in HomeVestors will be made out of Levine Leichtman Capital Partners Private Capital Solutions, LP.
© 2017 Private Equity Professional | April 28, 2017
