Harris Williams Advises Ned Stevens Gutter Cleaning on its Sale to Cobepa S.A.

Rhea-AI Summary

Harris Williams served as the lead advisor for the sale of Ned Stevens Gutter Cleaning to Cobepa S.A., alongside The Jordan Company. Ned Stevens, a growing player in exterior home services since 1965, operates in 15 states and Washington D.C. AVALT retains a minority stake post-sale, highlighting Cobepa's investment focus on companies with strong growth potential. With a portfolio of approximately $4.2 billion, Cobepa prioritizes sustainable business models. The transaction underscores ongoing interest in residential services amidst economic challenges.

Positive

• Ned Stevens is recognized as one of the fastest-growing companies in the exterior home services sector.
• Cobepa's investment strategy aligns with Ned Stevens' growth trajectory, showcasing strong investor confidence.

Negative

• None.

RICHMOND, Va.--(BUSINESS WIRE)-- Harris Williams, a global investment bank specializing in M&A advisory services, announces it served as lead advisor to Ned Stevens Gutter Cleaning (Ned Stevens), a portfolio company of AVALT, on its sale to Cobepa S.A. (Cobepa). Cobepa completed the acquisition in partnership with Ned Stevens’ existing management team and The Jordan Company (TJC). AVALT will remain a minority investor in the company. Ned Stevens is one of the country’s fastest growing and trusted providers of gutter cleaning and other exterior residential services. The transaction was led by Brent Spiller, Zach Ledwith, Christian Brumbaugh and Ricko Eriksson of the Harris Williams Consumer Group.

“Ned Stevens is a leader in the exterior home services space and has thrived under AVALT’s ownership. It has been exciting to see Ned Stevens’ continued growth and evolution, and we look forward to Ned Stevens’ continued success under Cobepa’s ownership,” said Brent Spiller, a managing director at Harris Williams.

“Investors continue to remain interested in residential services because of its strong fundamental drivers across economic environments, value creation opportunities through significant whitespace potential and clear benefits of scaled platforms. Ned Stevens checks all of those boxes and then some, and we are honored to have helped the Ned Stevens team find a great partner in Cobepa,” said Zach Ledwith, a director at Harris Williams.

“The Harris Williams team worked side by side with our team to find the right partner for Ned Stevens. Their expertise in residential services and market knowledge were critical to driving a great outcome. We are excited for all the growth ahead of us in our next chapter with Cobepa,” said Rob Rapuano, CEO of Ned Stevens.

Ned Stevens is one of the country’s fastest growing and trusted gutter cleaning and home maintenance companies. Since its founding in 1965 in Fairfield, New Jersey, Ned Stevens has expanded its service offerings and geographic footprint, servicing 15 states and Washington D.C. The company has earned multiple accolades and thousands of five-star reviews thanks to its commitment to complete customer satisfaction. Ned Stevens employs an experienced team of gutter and home maintenance providers that give homeowners back their safety, time, and peace of mind.

AVALT is a family office that invests only its own principals' capital in high quality companies that have significant long-term potential. AVALT builds truly collaborative partnerships with management teams to drive significant growth and change in their businesses. AVALT’s permanent and flexible capital supports those companies as they achieve their full potential, without regard to any fund structure or fixed time horizon.

Cobepa is an independent, privately held investment company with offices in New York, Brussels, and Munich. Cobepa manages a diverse portfolio of private equity investments representing approximately $4.2 billion of equity capital. Cobepa invests in leading companies with superior business models, sustainable market positions and leading management teams. In the U.S., Cobepa is primarily focused on investments in the healthcare, business services, and tech-enabled services sectors.

TJC, founded in 1982, is a middle market private equity firm that has raised funds with original capital commitments in excess of $19 billion with a 40-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including diversified industrials; technology, telecom, and utility; logistics and supply chain; and consumer and healthcare. The senior investment team has been investing together for over 20 years, and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York; Chicago; and Stamford, Connecticut.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed transactions across a variety of verticals, including food, beverage and agribusiness; branded consumer products; consumer services; and restaurant and retail. For more information on the Harris Williams Consumer Group and recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005956/en/

For media inquiries

Julia Moore

media@harriswilliams.com

Source: Harris Williams LLC

FAQ

What is the recent acquisition involving Ned Stevens and Cobepa?

Ned Stevens Gutter Cleaning was sold to Cobepa S.A., supported by The Jordan Company, with AVALT remaining a minority investor.

What role did Harris Williams play in the Ned Stevens sale?

Harris Williams acted as the lead advisor in the sale of Ned Stevens Gutter Cleaning to Cobepa.

How many states does Ned Stevens operate in?

Ned Stevens operates in 15 states and Washington D.C.

What is the focus of Cobepa's investments?

Cobepa focuses on investing in companies with sustainable business models and strong growth potential.