Audax Private Equity Announces Exit of ELM Home & Building Solutions

Strategic sale to Great Day Improvements marks a successful realization after a five-year hold period.

BOSTON & SAN FRANCISCO–(BUSINESS WIRE)–Audax Private Equity (“Audax”), a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth, announced today the sale of portfolio company ELM Home & Building Solutions (“ELM” or “the Company”). Through the deal, ELM’s LeafGuard® direct-to-consumer (DTC) gutter-system brand and Englert® roofing products business will be joining Great Day Improvements, a leading national DTC home-remodeling company.

Based in East Brunswick, New Jersey, ELM is a provider of innovative home and building solutions. Within the ELM platform, Englert is a vertically integrated manufacturer of residential and commercial metal roof and gutter systems marketed to distributors, architects, contractors and building owners throughout the United States, and LeafGuard is a branded one-piece gutter-protection solution sold directly to consumers. Audax Private Equity acquired ELM in March of 2019 through its sixth flagship fund.

“We saw a compelling opportunity to build a differentiated platform at ELM, and drive growth through organic initiatives and M&A,” said Jay Mitchell, a Partner at Audax Private Equity. “Great Day Improvements is gaining two tremendous brands, well positioned to continue their growth in their next chapter.”

Under Audax, ELM made significant investments in its management team to help transition the company from a family owned and operated business to a national DTC brand and a leader within its respective segments. Executing on Audax’ thesis, the Company integrated 20 add-on acquisitions, added several new greenfield locations in key markets, and significantly expanded the Englert distribution footprint and product portfolio.

The successful realization of ELM builds on Audax’ track record in the consumer sector, one of six core industry specializations within its Flagship fund. Since inception in 1999, Audax has completed 16 platforms and 116 add-on acquisitions in the sector.

“Audax Private Equity has been a valuable partner and brought considerable resources to bear over the life of their investment,” noted Chuck Fallon, CEO of ELM. “Audax helped our team build a foundation to create a more resilient business and position ELM for accelerated growth. Our team is looking forward to building on that momentum in partnership with Great Day Improvements.”

Houlihan Lokey served as lead advisor and William Blair served as co-advisor, while Kirkland & Ellis LLP and Fredrickson & Byron, P.A. served as legal advisors to both ELM and Audax Private Equity.

About Audax Private Equity

Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

About ELM Home & Building Solutions

Based in East Brunswick, New Jersey, ELM is a provider of innovative home and building solutions, whose family of brands are integrated closely together through ELM’s unique set of core competencies in quality manufacturing, direct-to-consumer model, and speed to market. For over 50 years, Englert Inc. has been the gold standard for residential and commercial metal roof and gutter systems, while the LeafGuard gutter system has revolutionized the industry for over 30 years by providing an innovative one-piece debris shedding system directly to consumers.

Contacts

Zachary Tramonti / Julie Rudnick

FGS Global

Audax@fgsglobal.com