GenNx360 Capital Partners, a private equity firm investing in middle market business services and industrial companies, announced the sale of its portfolio company, CRS Temporary Housing to Reverence Capital Partners, a private investment firm. CRS is a tech-enabled provider of professionalized relocation and temporary housing solutions. The sale marks the fifth portfolio realization for GenNx360’s Fund II which closed in 2014. The terms of the transaction were not disclosed.
“This transaction represents the culmination of a successful three-year partnership with Chris Hunter and the CRS team. We are thrilled with the company’s noteworthy operational and financial success and wish them all the best,” said Monty Yort, CRS chairman and managing partner at GenNx360.
GenNx360 originally invested in CRS in March 2018. During GenNx360’s three-year ownership period, revenue and EBITDA increased significantly driven by an organic growth strategy focused on new customer wins and wallet share expansion and CRS’ strategic add-on acquisition of Klein & Company in November 2018. This was enhanced by CRS’ continued execution of its comprehensive operations strategy to increase productivity, expand margins and optimize cash flow.
“We have enjoyed a strong working relationship with GenNx360 and they have been an exceptional partner for CRS. Their engagement and support played a key role in achieving our successes,” said Christopher Hunter, CRS president and CEO.
Piper Sandler served as the exclusive financial advisor and Morrison Cohen served as legal counsel to CRS and GenNx360.
