Rockbridge Growth Equity, a Detroit-based private equity firm, today announced the acquisition of RAdata, the first and largest radon testing and treatment business in the state of New Jersey.
RAdata represents the first in a planned consortium of strategic acquisitions for Rockbridge, with the aim of creating a national home services provider platform focused on clean air and water for the home.
As a regional leader in radon mitigation and water treatment, RAdata has built a reliable and user-friendly platform to take the stress out of environmental safety management and compliance, particularly for realtors and homeowners seeking to eliminate air and water issues to facilitate the sale of a property. Rockbridge seeks to build upon the company's success and develop a national home services platform from which property owners, real estate professionals and home inspectors across the country can find trusted service providers to tackle common environmental safety issues. This national platform, tentatively named RB Home Services, will focus on providing homeowners with a variety of services related to maintaining clean air and water in their homes.
"The team at RAdata has developed an extraordinary platform and an excellent business model, and we're excited to build upon that foundation. Radon mitigation and water treatment are vital services, particularly for people on either side of a real estate transaction, but the markets for service providers are highly fragmented," said Steve Linden, Partner at Rockbridge Growth Equity. "We are creating a one-stop shop where anyone can easily find quality service and peace of mind. RAdata was carefully selected by Rockbridge as the ideal initial platform company for this build-out after a year-long search in the industry."
Rockbridge's investment philosophy is driven by accelerating growth for companies with unique service and technology in emerging markets, and views RAdata as a foundational component for a game-changing home services platform. RB Home Services will feature vetted, well-trained and certified local service providers, best-in-class customer service, and centralized information around clean air and water in commercial and residential properties. Rockbridge is building the platform with advisory services from Copper Run, an investment bank focused on serving the middle market.
RAdata's current executive team will maintain their operating roles within the company, and there are plans to grow headcount. David Grammer, CEO, and Joanne Grammer, Vice President and Administrative Director, of RAdata will become equity partners in the new venture, lending their expertise and best practices developed to enhance future acquisitions.
David Grammer commented, "We are proud to have built RAdata into one of the leading providers of radon mitigation and water treatment services in the industry. We're very excited about the opportunity to work with Rockbridge to build out a national platform through which the best practices that we've developed at RAdata can be leveraged to provide substantial value and health benefits to homeowners across the country. We believe that Rockbridge is the ideal equity sponsor to help build out this home services platform. Their expertise and network of companies will help us develop best-in class customer service, sales and marketing, and technology-enabled operations."
Rockbridge Growth Equity and RAdata are excited to announce the acquisition now, as January is National Radon Action Month. Radon exposure is the second-leading cause of lung cancer in the United States, after cigarette smoking and ahead of secondhand smoke. The U.S. Environmental Protection Agency estimates that nearly one in 15 homes in the country has elevated levels of the odorless and colorless gas and recommends testing for radon whenever buying or selling a home.
About Rockbridge Growth Equity:
Founded in 2007, Rockbridge Growth Equity Management, L.P. is a Detroit, Michigan-based private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media & entertainment industries. Rockbridge owns equity stakes in White Glove, Connect America, RapidFinance, Gas Station TV, Kings III of America, Quartile, ProSites, and Robb Report, and is affiliated with other leading businesses in its target sectors including Quicken Loans, the 2016 NBA champion Cleveland Cavaliers, Amrock and StockX. Since its inception, Rockbridge Growth Equity has invested more than $700 million of equity in its portfolio of companies. For more information on Rockbridge Growth Equity, visit www.rbequity.com.