SageHome Inc., an Atlanta-based company that specializes in the design and installation of aging-in-place living spaces, has partnered with the private investment firm Cairngorm Capital Partners LLP to acquire New Bath Today Inc., an Indianapolis-based bathroom renovation specialist, the companies announced.
SageHome, which was launched in March of 2021, has been offering a number of installed products in the Atlanta area. But the acquisition of New Bath Today, a fast-growing player in the turbo charged walk-in tub market has immediately made SageHome a company to watch. The New Bath Today brand will continue to be used in the midwestern states it serves and will likely be the brand it uses as it grows into other territories, said Brian Hutto, CEO of SageHome.
“We have big plans and our partnership with the team at Cairngorm Capital will allow us to accelerate them,” Hutto said in a statement. “They have an impressive track record in our sector so we look forward to drawing on the invaluable operational and investment experience that they can share.”
New Bath Today, which was ranked No. 78 on the 2021 Qualified Remodeler TOP 500, has grown considerably since then. The company finished 2021 with approximately $45 million in installed sales company CEO Mike Redman said.
The firm serves six Midwestern serving states, specializing in walk-in baths and low-threshold showers that can be installed within a day, according to the company. Mike and Ryan Redman, New Bath’s founding CEO and president, respectively, will continue to lead the business, collaborating with the SageHome team to expand geographically, as well as into adjacent products and services, corporate officials said.
“We are delighted to be collaborating with SageHome and are excited by the partnership,” said Mike Redman. “We believe that we have found the right partners to help us advance our business, those who share our vision for growth but are respectful of our culture and will look after our people.
“This partnership is a perfect fit for us and will offer opportunities for rapid growth with SageHome and Cairngorm Capital,” Redman added.
Hutto and the SageHome team have a lot of experience in the home improvement industry. Previously Hutto ran The Home Depot’s relationship with 5,000 local contractors before working in a similar role for Minneapolis-based Best Buy.
SageHome’s principals include Hutto; Tony White, Chief Business Officer, and Joe Gorman, Chief Operating Officer – and Andrew Steel, Cairngorm Capital’s Managing Partner. All are former colleagues from The Home Depot. This partnership, although geographically distinct from Cairngorm Capital’s other investments to date, provides a unique opportunity for both parties to collaborate. SageHome complements Cairngorm Capital’s existing investments in the assisted living, medical services and building supplies sectors.
Hutto says SageHome is open to future acquisitions for growth, but is primarily looking to grow through organic means.
“The launch of our bath division is the first key stage in our strategy, so we are delighted to collaborate with Mike, Ryan and the rest of the NBT team,” Hutto explained. “The overwhelming majority of mature Americans want to remain in home for as long as possible, so we are excited to bring our solution to the market. Our goal is to develop a national home modification business that addresses all the needs of senior homeowners in a holistic way.” QR
This is a developing story, please check back for updates.