Thompson Street Capital Partners has sold LTP Home Services Group to L Catterton. No financial terms were disclosed. Moving forward, TSCP will retain a minority stake in LTP and a board seat. LTP is a residential plumbing and HVAC services platform.
ST. LOUIS (April 28, 2022) – Thompson Street Capital Partners (“TSCP”), a private equity firm based in St. Louis, announced today it has completed the sale of LTP Home Services Group (“LTP” or “the Company”), a leading residential plumbing and HVAC services platform, to L Catterton, a global consumer-focused private equity firm. TSCP will retain a board seat and minority stake in the Company. Terms of the transaction were not disclosed.
Founded in 1996 by Len Bush as “Len the Plumber,” LTP Home Services Group is a leading residential services company with a specialization in plumbing and HVAC services, operating across the Mid-Atlantic and Southeast regions under six brands.
“We’re excited to partner with L Catterton to continue our accelerated growth and take LTP to the next level as a leading residential services platform,” said Jeff Cooper, CEO of LTP Home Services Group. “We thank TSCP for their supportive and collaborative partnership over the past two years as we transformed the business through operational improvements and strategic growth.”
“We are extremely excited for the LTP team and their future growth,” said Jeff Aiello, a Managing Director at TSCP. “When we partnered with Jeff Cooper and his management team, it was clear LTP had the talent to grow organically while continuing to execute on their proven geographic greenfield expansion playbook. By completing six add-ons and driving substantial organic growth, the business has more than quadrupled during TSCP’s ownership. We are looking forward to continuing our partnership with LTP as minority owners and participating in the next phase of growth with L Catterton’s involvement.”