Audax Private Equity has acquired Alure Home Improvements, a Long Island-based provider of full-service design and installation of residential kitchens, bathrooms, and general home improvement projects. No financial terms were disclosed. Protegrity Advisors advised Alure Home Improvements on the deal.
RONKONKOMA, N.Y., Feb. 22, 2022 /PRNewswire/ — Protegrity Advisors, a leading M&A advisory firm on Long Island, has served as exclusive advisor to Alure Home Improvements in its acquisition by Audax Private Equity. Founded 75 years ago and led by Sal Ferro since 1998, Alure has 30,000 loyal customers and earned the reputation of being the preeminent provider of full-service design and installation of residential kitchens, bathrooms, and general home improvement projects on Long Island.
With over $8 billion invested, Audax Private Equity has been a leader in acquiring and scaling middle market companies for over 20 years. It has made over 150 platform investments and 1,000 add-on acquisitions.
Alure is one of three regional leaders from across the country combined by Audax to form the newly established Renovo Home Partners, a direct-to-consumer (“DTC”) provider of remodel services focused on high-volume quick-turn bath, window, siding, and other services. “We believe the DTC home improvement market is well suited for Audax’s Buy & Build strategy, and we plan to work to scale rapidly,” said Jay Mitchell, Managing Director at Audax Private Equity. John Dupuy, CEO of Renovo, added that “Given the long-term success of the three brands, we saw significant potential in combining the businesses under one umbrella to create a larger, more diversified company and ultimately working to become one of the nation’s leading DTC home repair and remodel services company.”
Alure’s President Sal Ferro shared, “I am extremely pleased with all aspects of this transaction. We were fortunate to have several options, but Audax’s approach and culture made it an easy choice. The Protegrity team treated me like family – they were patient, accessible at all hours, and cared about every issue,” Ferro added. “Without their guidance, there would not have been any deal, let alone one that was such a great outcome for all.”
“We were honored to represent Alure and mindful of its legacy dating back to 1946,” said Gregg Schor, CEO of Protegrity Advisors. “It’s always gratifying to help effectuate a sale that benefits the owners, employees and customers, and being able to attract a private equity firm as prestigious as Audax to invest on Long Island makes this especially rewarding.”