Investment Impact: Wrench Group CEO Explains How Private Equity Investment Creates Jobs, Strengthens Businesses
There are over 4,700 private equity firms all over America, owning and building approximately over 30,000 private companies. Recently, the Wrench Group CEO Ken Haines dropped by the American Investment Council (AIC) to explain how AIC member Investcorp’s investment and guidance has helped grow his company. The Wrench Group has significantly expanded in just a few years, increasing net sales by 15 percent and realizing 42 percent employee growth between 2016 and 2017.
“We have experienced tremendous growth since partnering with Investcorp. We went from 900 employees to almost 1700 employees, and that includes hiring plumbers and electricians in addition to the back office where human resources and information technology jobs have been created,” said Haines.
“The capital investment from Investcorp has helped us in three big ways. One, it has helped us drive our sales and marketing efforts. Two, it has allowed us to build up our information technology. And three, it has facilitated critical mergers and acquisitions deals.”
The Wrench Group is a national leader in home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, and electrical services. Investcorp partnered with the Wrench Group in 2016 with the aim of establishing the company’s new brand and growing it into more markets. The Wrench Group now serves more than 335,000 Americans across the Houston, Dallas, Atlanta, Phoenix, and Denver metropolitan areas.
While in Washington, Haines met with the offices of Sen. Johnny Isakson (R-GA), Sen. Ted Cruz (R-TX), Sen. David Perdue (R-GA), Sen. John Cornyn (R-TX), Rep. Karen Handel (R-GA-06), Rep. Tom Graves (R-GA-14), Rep. Ed Perlmutter (D-CO-07), Rep. Kyrsten Sinema (D-AZ-09), and Rep. Kenny Marchant (R-TX-24).
