Summer Street Capital has exited its stake in Cleveland-based Dwellworks, a B2B provider of services for the corporate mobility/relocation industry. As previously reported by PE HUB, Dwellworks recently secured undisclosed funding from TZP Group.
BUFFALO, N.Y., June 5, 2018 /PRNewswire/ — Private equity firm Summer Street Capital Partners, LLC is pleased to announce that Summer Street Capital III, L.P. has exited its investment in Cleveland, OH based Dwellworks, LLC, an industry-leading provider of global solutions for the relocation management companies (RMCs) who support the mobility needs of relocating employees and their families.
“Our partnership with Summer Street facilitated an aggressive growth plan that significantly grew our operations and service offerings both organically and through acquisition,” remarked Bob Rosing, President and CEO of Dwellworks. “Summer Street was a collaborative partner and valuable resource as we executed a global acquisition strategy to better serve our customers across North America, Europe and Asia.”
“Dwellworks has an exceptional team. Their commitment to the mission and vision of the company is the driving force to their success. It was important to find a financial partner that was committed to maintaining the unique culture of Dwellworks and would support their high growth trajectory,” remarked Christian Gorino, Principal of Summer Street.
Dwellworks management and Summer Street selected a financial buyer with sector experience to continue the legacy of best-in-class service delivery, innovation and compliance.
About Dwellworks, LLC
Founded in 2007, Dwellworks is a provider of global mobility support solutions. Dwellworks’ comprehensive suite of solutions includes destination services for relocating employees and their families, intercultural training, property management for both vacant and tenant-occupied homes, and valuation services for relocation, specialty, and mortgage appraisal needs. The company serves U.S. based and international relocation management companies, corporations, and mortgage providers, and is consistently named a “best-in-class” supplier by its customers. Headquartered in Cleveland, OH, Dwellworks serves clients from operations and networks in the Americas, Europe and Asia. Please visit www.dwellworks.com for additional information.
About Summer Street Capital Partners, LLC
Summer Street Capital Partners, LLC, founded in 1999, is a Buffalo, NY-based private equity fund manager with committed capital focused on investing in small and middle market companies. The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies. Summer Street’s investors include leading pension funds and insurance companies. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. Visit www.summerstreetcapital.com for additional information.