Thomas H. Lee Partners L.P. (THL), a private equity firm investing in growth companies, announced has acquired a majority interest in House of Design LLC, a provider of robotic automation systems and software for the residential construction market. THL’s investment will strengthen House of Design’s existing capabilities and provide capital and resources for future growth investments. House of Design’s co-founders will hold minority positions in the Company. Terms of the transaction were not disclosed.
“Our partnership with THL is a monumental milestone for the company,” said Shane Dittrich and Ryan Okelberry, co-founders of House of Design. “THL brings the expertise and sophistication needed to reach the next stage in our company’s growth, and we have a shared vision for how to get there. We are excited to partner with THL and leverage their deep automation expertise and financial and operational resources to fuel House of Design’s growth strategy.”
Founded in 2012, Nampa, Idaho-based House of Design provides automated solutions for the building components and residential offsite construction industries. The company designs and engineers robotic systems that increase component manufacturers’ production output and capacity while reducing the challenges of labor shortages. Proprietary software makes House of Design’s system the only fully-automated system that can produce complex variable trusses and wall panels without robot retraining or resetting, the company said.
THL’s investment in House of Design will accelerate the company’s ability to build upon its robotic technology and software platform and accelerate new product innovation for its customers, the companies said.
“We are thrilled to partner with the House of Design team,” said Mike Kaczmarek, managing director at THL. “Persistent labor scarcity in the construction industry is driving greater need for automated solutions, and House of Design’s offerings help address labor shortage and worker safety challenges while providing an attractive ROI to the customer. THL is excited to support House of Design in continuously growing and innovating its product offerings to help customers increase production throughput and revenue.”
Stifel acted as financial advisor, Kirkland & Ellis LLP acted as legal advisor and PwC acted as accounting and tax advisor to THL Peak Technology Partners, a San Francisco, California-based investment bank, acted as the exclusive financial advisor and Stoel Rives acted as legal advisor to House of Design.