L Catterton buys LTP Home Services Group

Written on: March 23, 2022 by ICM

Private equity firm L Catterton is acquiring LTP Home Services Group, a leading residential plumbing and HVAC services platform operating in the Mid-Atlantic and Southeast regions, from Thompson Street Capital Partners. TSCP will retain a board seat and minority stake in the Company. Financial terms of the transaction were not disclosed.

Founded in 1996 by Len Bush, LTP Home Services Group offers residential plumbing and HVAC services under a number of brands, including Len the Plumber. LTP is a two-time, NexStar Top Financial Award winner, consistently receiving top customer satisfaction scores. With L Catterton’s support, LTP is well-positioned to continue growing its platform through a proven acquisition strategy, further propelling growth in new and existing markets.

“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. “L Catterton brings significant experience in supporting the scaling and growth of consumer services brands, and together, we look forward to capitalizing on a robust pipeline of opportunities to expand our differentiated offering. With L Catterton’s partnership, we will continue to build on our multiple initiatives to scale and diversify the business and remain highly focused on executing our acquisition strategy. I am thrilled about the opportunities this partnership creates for our company and our team members, who will also benefit from our continued growth.”

“The residential services category is highly fragmented and at an inflection point where technology and digitalization are expected to drive significant consolidation,” said Matt Lischick, a Partner at L Catterton. “Positioned in desirable, high-density markets with world-class technicians, a reputation for excellence, and a proven acquisition track record, LTP is a truly unique platform with a disruptive combination of growth opportunities. We look forward to working with LTP’s exceptional management team as they continue to rapidly scale their business.”

“LTP is a case study in what can be achieved with a buy-and-build acquisition strategy,” said Jeff Aiello, a Managing Director at TSCP. “When we partnered with Jeff Cooper and his management team, it was clear that LTP had the executive talent to grow organically and continue to execute on their proven geographic greenfield expansion playbook. By completing six add-ons and driving substantial organic growth, the business has quadrupled during TSCP’s ownership. We are excited to continue our partnership with LTP as minority owners and look forward to seeing the next phase of growth with L Catterton’s involvement.”