Summer Street Capital Partners said Wednesday that it recapped Dwellworks along with company management. Permal Capital Management also invested. Financial terms weren’t announced. Kirchner Group was the seller. Cleveland-based Dwellworks provides services for relocating employees and their families.
BUFFALO, N.Y., Feb. 4, 2015 /PRNewswire/ — Private equity firm Summer Street Capital Partners, LLC is pleased to announce that Summer Street Capital III, L.P. invested in support of a management-led recapitalization of 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 complements our growth plans as well as our continued commitment to provide service solutions to our RMC clients, and help their customers’ employees settle into new locations quickly and restore productivity faster,” remarkedBob Rosing, President and CEO of Dwellworks. “The Dwellworks team remains dedicated to world-class service delivery, innovation, and globally consistent compliance.”
“The culture at Dwellworks is special. Not only is it an organization with an exceptionally dedicated staff and experienced management team, but they live by their core values as well,” remarked Brian D’Amico, Managing Partner of Summer Street. “This is evident each time you walk through the doors at Dwellworks, and in their reputation and client satisfaction. We are excited to work with such a talented, collaborative team to continue to identify and realize growth opportunities.”
Headquartered in Cleveland, OH, Dwellworks serves clients around the world from locations in the US and internationally, includingCanada, Mexico, Costa Rica, Brazil, the United Kingdom, Germany, and Luxembourg. Dwellworks was formerly a portfolio company in a private equity fund managed by Kirchner Group which manages assets for institutional investors.
Permal Capital Management, a private equity investment management firm, and Summer Street limited partner, co-invested in the transaction.
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 locations in Brazil, Canada, Costa Rica,Germany, Luxembourg, Mexico, the United Kingdom, and the United States. 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, insurance companies, and banking institutions. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. Visit www.summerstreetcapital.com for additional information.