GenNx360 Capital Partners Announces Acquisition of CRS Temporary Housing
Portfolio Company News - March 20, 2018
GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm which invests in middle market business services and industrial companies announced today its acquisition of CRS Temporary Housing (“CRS” or “Company”), a leading asset-light provider of professionalized relocation and temporary housing solutions. Terms of the transaction were not disclosed.
Founded nearly 30 years ago and headquartered in Phoenix, Arizona, CRS employs over 100 highly trained professionals. The Company services the property and casualty insurance industry providing relocation and temporary housing solutions to dislocated policyholders. This dislocation typically results from fire or water damage with CRS assisting the policyholder from the time of initial loss through completion of repair and subsequent move-in. CRS provides a service that is deemed critical to the carrier as well as to the homeowner. Its customer base is diverse and includes many of the leading insurance carriers.
Monty Yort, the Managing Partner at GenNx360 who led the transaction, stated: “CRS is a well-established business with a strong management team. Its customer-centric business model and keen focus on customer and policyholder satisfaction has established the Company as a trusted partner. We look forward to supporting management in its growth strategy.”
Chris Hunter, Chief Executive Officer and President of CRS, added “We are excited to be partnering with GenNx360 for the next stage of our development, accelerating the growth of our business. We believe that GenNx360 is a very good fit with their experience, operational tools and industry relationships aligning with our defined growth strategy.”
Piper Jaffray & Co. served as the exclusive financial advisor to CRS.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit www.gennx360.com
About CRS
CRS is able to source a wide variety of hotel, housing and commercial business accommodations as well as furniture, housewares and equipment to meet the unique needs of each policyholder. Founded in 1989, CRS employs a professional, customer-centric team of over 100 employees and is based in Phoenix, Arizona. For more information on CRS Temporary Housing, please visit www.crsth.com.
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Email: investorrelations@gennx360.com
Tel: +1 212.257.6772