KLH Capital Exits BluSky

KLH Capital has sold BluSky Restoration to Dominus Capital. KLH Capital acquired the company in May 2015.

BluSky provides restoration, renovation, environmental and roofing services to commercial and multifamily real estate projects across the US and in Puerto Rico. The company’s services include fire damage restoration; smoke mitigation; storm damage restoration; water, flood, and sewage mitigation and restoration; asbestos abatement and testing; lead-based paint remediation; mold remediation; and roof damage assessment, repair, and replacement.

BluSky, headquartered near Denver in Centennial, CO and led by CEO Kent Stemper, has 17 corporate and regional offices in Colorado, Arizona, Georgia, Tennessee, North Carolina, South Carolina, Virginia, Florida, Kansas, and California (www.goblusky.com).

In October 2017, KLH added-on to BluSky with the buy of Disaster One, a privately-owned and operated restoration services company based in Greensboro, NC. “BluSky was a classic platform investment for us,” said Will Dowden, Managing Partner at KLH Capital. “During our time of ownership, the company experienced significant growth through developing new locations and service lines, completing a transformative add-on acquisition, implementing new systems and technology, and putting key personnel in positions of leadership to drive the business forward.  This was a very successful partnership for us.”

KLH Capital is an SBIC-licensed private equity firm that invests in niche manufacturing, value-added distribution and specialty service companies with revenues of at least $10 million and EBITDA of at least $2 million. The firm is headquartered in Tampa (www.klhcapital.com).

“We appreciate the relationship we had with the KLH team,” said Mr. Stemper. “They were involved with us during an important time in our growth path.  BluSky has now maintained 14 consecutive years of sustained growth, and we enjoyed the partnership approach that KLH took with our team along the way.  BluSky has an exciting future ahead and we look forward to working with Dominus over the coming years.” Mr. Stemper and other members of BluSky’s senior management team partnered with Dominus on this acquisition and continue to have an equity interest.

Dominus Capital, the buyer of BluSky, makes control equity investments in North American middle market companies that have at least $10 million of EBITDA. Sectors of interest include business services, consumer products and services, and light industrial. The firm was founded by Gary Binning, Bob Haswell, and Ashish Rughwani – all former Quad-C Management executives – in 2008. The group of founding partners was later joined by several CEOs of past portfolio companies that now serve as operating partners of the firm.  Dominus Capital is headquartered in New York (www.dominuscap.com).

Note: An article on this transaction also appeared on August 17, 2018 – Dominus Buys BluSky from KLH

© 2018 Private Equity Professional | September 7, 2018

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