Washington DC-based private equity house ACON Investments has completed a majority equity recapitalisation of commercial flooring installation and facility services provider Diverzify+.
The company served businesses in 49 US states in end markets including healthcare, education, multi-family, industrial and government.
ACON partner Mo Bawa said, “We are attracted to Diverzify’s market-leading position in the flooring and facility services sectors, customer-centric focus, innovative solution offering, and entrepreneurial operating culture led by a best-in-class management team.
“We see a highly scalable platform with significant opportunity for continued growth, both organically and through acquisitions.”
Firm founding partner Ken Brotman added, “Diverzify is a highly-respected leader in a fragmented space that has leveraged its core flooring capabilities into higher growth facility services adjacencies to capitalize on macro trends around greater service outsourcing, aging infrastructure and health and safety regulations.”
ACON raised just over $1bn for the final close of its fourth flagship investment fund back in 2017, beating its initial $850m target.
The firm, which invests across the US, Europe and Latin America, closed its most recent Latin America Opportunities Fund V on $253m two years ago.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/acon-buys-into-highly-scalable-us-commerical-flooring-business-diverzify.html
