GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm which invests in middle market business services and industrial companies announced today its acquisition of CRS Temporary Housing (“CRS”or “Company”), a leading asset-light provider of professionalized relocation and temporary housing solutions. Terms of the transaction were not disclosed.
Founded nearly 30 years ago and headquartered in Phoenix, Arizona, CRS employs over 100 highly trained professionals. The Company services the property and casualty insurance industry providing relocation and temporary housing solutions to dislocated policyholders. This dislocation typically results from fire or water damage with CRS assisting the policyholder from the time of initial loss through completion of repair and subsequent move-in. CRS provides a service that is deemed critical to the carrier as well as to the homeowner. Its customer base is diverse and includes many of the leading insurance carriers.
Monty Yort, the Managing Partner at GenNx360 who led the transaction, stated: “CRS is a well-established business with a strong management team. Its customer-centric business model and keen focus on customer and policyholder satisfaction has established the Company as a trusted partner. We look forward to supporting management in its growth strategy.”
Chris Hunter, Chief Executive Officer and President of CRS, added “We are excited to be partnering with GenNx360 for the next stage of our development, accelerating the growth of our business. We believe that GenNx360 is a very good fit with their experience, operational tools and industry relationships aligning with our defined growth strategy.”
Piper Jaffray & Co. served as the exclusive financial advisor to CRS.