Genstar Capital Invests In Digivision Satellite Services Renamed INSTALLS inc, LLC
8/15/2002
Contact:
Genstar Capital
Andrea Ginsberg
(415) 664-4680
aginsberg@gencap.com
SAN FRANCISCO, CA, August 15, 2002 – Genstar Capital, L.P. (“Genstar Capital”), a private equity firm specializing in equity investments structured as leveraged buy-outs or growth financings, today announced the closing of an $21 million investment in Installs inc, LLC (the “Company” or “Installs inc”), a privately-held company based in Buffalo, New York. Prior to the closing, the Company was known as DigiVision Satellite Services. Installs inc is a leading third-party provider of in-home consumer electronic installation services. Terms of the transaction were not disclosed.
Installs inc is the largest independent household and commercial installation services provider for satellite dish, off-air antenna, residential satellite broadband, home theater and HDTV. Through its proprietary information systems, Installs inc is able to support installation orders originating in over 8,000 stores in every zip code in the United States through a network of over 1,200 installation providers. Installs inc services national accounts, such as satellite providers, and national retailers, such as Best Buy and Sears.
Rick Hoskins, Managing Director of Genstar Capital, said, “Our investment in Installs inc is an exciting opportunity for us to partner with Tom Hunt and Lee Hess, the founders of the Company, to deepen and broaden the reach of that company. We think Installs inc is positioned to utilize its strong relationship with retailers, its national network of installers and its established business and information systems process skills in managing independent providers to offer other types of installation services, such as PC and home networking, home appliances and alarm system installation to create strong new revenue opportunities.” Darren Gold, Senior Associate of Genstar Capital added, “We are lucky to have Tom and Lee who will continue to grow Installs inc along its current operating model into other consumer electronic installation services.“
Lee Hess, Chairman of Installs inc, said, “We built the business model to be highly flexible, highly scaleable and highly value added both to the customer and to the independent installation services provider. Thanks to the rapid growth in home entertainment spending, particularly satellite television, Installs Inc was able to capture a large portion of what remains a highly fragmented market for home installation services. The number of customers in this market is growing. The scope of their needs is expanding. This environment creates a terrific opportunity for us to fill real needs and to increase our share of an ever growing market.” Tom Hunt, Chief Executive Officer of Installs inc, added, “Genstar’s investment in Installs inc will allow us to expand our business in a number of directions. Genstar has substantial experience in working with dynamic companies such as our own. We were very impressed with what Rick Hoskins and Darren Gold were able to bring to the table in terms of strategic thinking, relationships and discipline even in their due diligence process.”
About Genstar Capital
Based in San Francisco, Genstar Capital is a private-equity investment firm that makes leveraged investments in quality companies. Genstar Capital works in partnership with management to create value over the long term. With more than $400 million of committed capital under management and significant experience operating and investing in businesses, Genstar Capital brings a unique mix of experience to its portfolio companies.
For more information about Genstar Capital, visit www.gencap.com.
About Installs inc, LLC
Based in Buffalo, New York, Installs inc is a third-party provider of in-home consumer electronic installation services. Installs inc employs approximately 80 persons and has a network of over 1,200 installation providers across the country.