SAGEHOME HAS ACQUIRED CAREFREE HOME PROS
Birmingham, Michigan – January 31, 2023 – Angle Advisors is pleased to announce that SageHome, LLC (“SageHome”), a portfolio company of Cairngorm Capital (“Cairngorm”) has acquired Carefree Home Pros, LLC (“Carefree”). Angle Advisors acted as the exclusive investment banking advisor to Carefree in completing this transaction.
Founded in 2000 and based in Avon, Connecticut, CareFree is a highly regarded bathroom remodeling company that specializes in providing stylish, safe bathroom upgrades for seniors and others with access difficulties. Serving customers across Connecticut and Western Massachusetts, CareFree is an expert in fast ‘one-day’ installations of low threshold showers, which minimize disruption for homeowners.
SageHome is pursuing a dual strategy of rapid organic growth and strategic acquisition to build its presence across the United States. CareFree is the third acquisition for SageHome, which during 2022, achieved strong growth, expanding its operations from 6 to 14 states and increasing revenues by 70% year-on-year. CareFree will provide a platform for geographic expansion and future growth in New England and the Northeast.
“As most senior slips, falls, and injuries occur in the bathroom, we are prioritizing bathroom solutions in the first phase of our strategy to build a national aging-in-place business. This allows us to have the greatest social impact,” said Brian Hutto, SageHome’s CEO. “Our bathroom division is expanding fast and with the addition of CareFree, now covers 15 states and counting. I am delighted to welcome and partner with John, Sandra, Mike, and the entire CareFree team.”
“We are very conscious that the home improvement needs of the USA’s aging population remain chronically underserved,” said, Stuart Whiteford, Investment Director at Cairngorm Capital, who led the acquisition. “SageHome’s 2022 performance demonstrates that there is significant untapped demand so CareFree is a great addition to the group, offering scope for growth across New England and the Northeast. We are pleased to support Brian and his team as they deliver on the growth plans for SageHome.”
John and Sandra Anglis (CareFree’s shareholders), and Mike Cleary (CareFree’s General Manager) with the help of his leadership team, will continue to lead CareFree, working with Brian Hutto, SageHome’s Chief Executive, and the rest of the SageHome team to expand SageHome’s operations across the region and to realize the growth opportunities that this partnership offers.
“Sandra, Mike, and I are delighted to have found the ideal partner for CareFree. SageHome shares and respects the attributes that have made CareFree so successful over the years – a commitment to quality products and workmanship, strong relationships, and great service. We are all completely aligned in our ambitions for the company and how best to achieve them. We have every confidence that this partnership will deliver great things,” said John Anglis, CareFree’s owner. “I would also like to thank the team at Angle Advisors for their guidance through all the complexities in the process, diligence, and deal negotiation. The team did an extraordinary job looking out for our best interests while helping us achieve our goals in finding the right partner.”
CareFree Home Pros is a highly regarded bathroom remodeling company that specializes in providing stylish, safe bathroom upgrades for seniors and others with access difficulties. Serving customers across Connecticut and Western Massachusetts, CareFree is an expert in fast ‘one-day’ installations of walk-in baths and low threshold showers, which minimize disruption for homeowners. For more information, visit www.carefreehomepros.com.
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’s focus is on building a national solution for all seniors through both acquisitive and organic growth. As the first step, it launched its bath division in 2022 with the acquisition of New Bath Today, which is growing rapidly and now operates in 14 states across the Midwest and Southeast. As most senior slips, falls, and injuries occur in the bathroom, SageHome's initial focus on the bathroom allows it to make the greatest impact societally, by providing safer bathrooms in the states that it operates in. For further information, please visit www.sagehomenow.com.
Cairngorm Capital Partners LLP is a specialist private investment firm owned entirely by its senior executives, which provides equity capital and management expertise to leading UK companies. It invests in strongly performing, private 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. For more information, visit www.cairngormcapital.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 272 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.