Stone Point Capital has acquired Greenville South Carolina-based Grace Hill, a provider of online training, credentialing, and mystery shopping solutions for property managers. The seller was The Riverside Company. No financial terms were disclosed.
GREENVILLE, S.C., March 5, 2018 /PRNewswire/ — Grace Hill, the leading provider of online training courseware, administration and mystery shopping for the multifamily property management industry, was recently acquired by funds managed by Stone Point Capital LLC. The sale was finalized on Feb. 28, 2018. The transaction follows a three‑year period of significant growth by Grace Hill, during which time the company was owned by its founders and The Riverside Company. Today, Grace Hill serves more than 1,300 customers that manage approximately 6.2 million housing units.
“Grace Hill is thrilled to be partnering with Stone Point,” stated Dru Armstrong, the company’s chief executive officer. “Stone Point is deeply entrenched in the real estate services industry and is therefore able to support Grace Hill in key, strategic ways beyond the firm’s significant investment. Our mission is to remain the leading, best-in-class training solution for the property management industry while expanding the features and functions that enable Grace Hill clients to deliver their training programs, their way.” Armstrong continued, “We are grateful for the investment and partnership of Stone Point, which will allow us to continue to expand our courseware and services. Stone Point shares Grace Hill’s commitment to building and delivering to our clients new, high-value solutions.”
Chuck Davis, the chief executive officer of Stone Point, said, “We share Dru’s enthusiasm regarding the partnership. She and her team have built an outstanding company, with innovative, market-leading products that serve a critical role in the success of property management companies. We congratulate the company’s founders and The Riverside Company for their development of Grace Hill, and we look forward to building upon the company’s history of success.”
“We loved Grace Hill’s potential when we invested in 2014, and we worked hard with a great management team to achieve our goals,” said Riverside Managing Partner Loren Schlachet. “We focused on enhancing technology and course offerings to take the company to the next level, including expanding product lines to include employee credentialing and mystery shopping solutions.”
Grace Hill offers a suite of valuable training offerings that are available immediately online, allowing property managers to train employees quickly to ensure compliance with extensive rules and regulations on topics such as Fair Housing, OSHA, sexual harassment and more.
Grace Hill will continue to maintain its base of operations in Greenville, South Carolina.
About Grace Hill
Grace Hill develops best-in-class online training courseware and administration solely for the property management industry. For more than 20 years, Grace Hill has helped people, teams and companies in the multifamily industry improve performance and reduce risk. The company offers the highest-level performance-based online training courseware and administration with Vision, its industry-leading learning management system. Vision combines the latest in learning science and digital technologies, with white-glove customer service and support.
About Stone Point Capital LLC
Stone Point is a financial services-focused private equity firm based in Greenwich, Connecticut. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, real estate finance and services, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.
About The Riverside Company
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 520 transactions. The firm’s international portfolio includes more than 80 companies.