Mubasher: Bahrain-based private equity firm Investcorp on Monday announced selling The Wrench Group (Wrench) to Leonard Green & Partners (LGP) at an undisclosed amount.
“We will continue to adopt this entrepreneurial spirit supported by a strong global institutional base across our multi-asset class offerings,” Investcorp’s executive chairman Mohammed Alardhi said.
Jefferies LLC was appointed as an exclusive financial advisor to the deal, according to a statement.
“Investcorp has been a great partner and given us valuable insights that have helped grow our business significantly,” Ken Haines, CEO of Wrench, stated.
The Wrench Group is specialised in home maintenance and repair services in the US, while LGP is a private equity company.
In 2016, Investcorp, which is listed on Bahrain Bourse, collaborated with its management to launch Wrench.
Investcorp last reported a rise of 5% year-on-year in net income for its first six months ended on 31 December 2018, registering $58 million, from $55 million.
