GenNx360 Capital Partners Announces Sale of its Portfolio Company CRS Temporary Housing
Portfolio Company News - December 02, 2021
New York, New York. GenNx360 Capital Partners (“GenNx360”), a private equity firm investing in middle market business services and industrial companies, announced the sale of its portfolio company, CRS Temporary Housing (“CRS” or the “Company”) to Reverence Capital Partners, a private investment firm. CRS is a leading tech-enabled provider of professionalized relocation and temporary housing solutions. The sale marks the fifth portfolio realization for GenNx360’s Fund II which closed in 2014. The terms of the transaction were not disclosed.
GenNx360 originally invested in CRS in March 2018. During GenNx360’s three-year ownership period, revenue and EBITDA increased significantly driven by an organic growth strategy focused on new customer wins and wallet share expansion and CRS’ strategic add-on acquisition of Klein & Company in November 2018. This was enhanced by CRS’ continued execution of its comprehensive operations strategy to increase productivity, expand margins and optimize cash flow.
This transaction represents the culmination of a successful three-year partnership with Chris Hunter and the CRS team. We are thrilled with the Company’s noteworthy operational and financial success and wish them all the best,” said Monty Yort, CRS Chairman and Managing Partner at GenNx360.
We have enjoyed a strong working relationship with GenNx360 and they have been an exceptional partner for CRS. Their engagement and support played a key role in achieving our successes,” said Christopher Hunter, CRS President & CEO.
Piper Sandler served as the exclusive financial advisor and Morrison Cohen served as legal counsel to CRS and GenNx360.
About CRS Temporary Housing
Founded over 30 years ago, CRS is a leading tech-enabled outsourced services platform providing end-to-end temporary housing solutions for policyholders on behalf of insurance carriers. The Company assists policyholders in times of crisis, ensuring they have adequate shelter immediately after being displaced from their residence. CRS sources a wide variety of hotel and housing accommodations as well as furniture and housewares to meet the unique needs of each policyholder. By coordinating the full life cycle of the relocation process for displaced policyholders, CRS allows insurance carriers to focus on core business activities. CRS serves a diverse mix of over 100 national and regional insurance carriers, www.crsth.com
GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include industrial machinery and components, business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
For media inquiries about this press release, please contact:
Carmen Rojas, Director of Investor Relations
GenNx360 Capital Partners
Email: investorrelations@gennx360.com
Tel: 212.257.6772