Rockbridge Growth Equity, a Detroit-based private equity firm, today announced the acquisition of RAdata, a radon testing and treatment business based in New Jersey. Terms of the deal were not disclosed.
With the addition of RAdata, Rockbridge aims to create a national home services provider platform focused on clean air and water for homes. Rockbridge is part of the Rocket Family of Cos. started by Dan Gilbert, founder and chairman of Rocket Cos. Inc. in downtown Detroit.
RAdata’s platform works to take the stress out of environmental safety management and compliance, particularly for real estate agents and homeowners seeking to eliminate air and water issues to facilitate the sale of a property.
Rockbridge is developing a national home services platform from which property owners, real estate professionals, and home inspectors across the country can find trusted service providers to tackle common environmental safety issues.
This national platform, tentatively named RB Home Services, will provide homeowners with services related to maintaining clean air and water in their homes.
“Radon mitigation and water treatment are vital services, particularly for people on either side of a real estate transaction, but the markets for service providers are highly fragmented,” says Steve Linden, a Rockbridge partner.
“We are creating a one-stop shop where anyone can easily find quality service and peace of mind. RAdata was carefully selected by Rockbridge as the ideal initial platform company for this build-out after a year-long search in the industry.”
RB Home Services will feature vetted, trained, and certified local service providers and centralized information around clean air and water in commercial and residential properties. Rockbridge is building the platform with advisory services from Copper Run, an investment bank based in Columbus, Ohio, focused on serving the middle market.
RAdata’s current executive team will maintain their operating roles within the company, and there are plans to add employees. David Grammer, CEO of the company, and Joanne Grammer, vice president and administrative director, will become equity partners in the new venture.
“We’re very excited about the opportunity to work with Rockbridge to build out a national platform through which the best practices that we’ve developed at RAdata can be leveraged to provide substantial value and health benefits to homeowners across the country,” says David.
“We believe that Rockbridge is the ideal equity sponsor to help build out this home services platform. Their expertise and network of companies will help us develop best-in class customer service, sales and marketing, and technology-enabled operations.”
January is National Radon Action Month. Radon exposure is the second leading cause of lung cancer in the United States. The U.S. Environmental Protection Agency estimates that nearly one in 15 homes in the country has elevated levels of the odorless and colorless gas and recommends testing for radon whenever buying or selling a home.
Rockbridge was founded in 2007 and invests in financial and business services; consumer-direct marketing; and sports, media and entertainment industries. Rockbridge owns equity stakes in White Glove, Connect America, RapidFinance, Quartile, ProSites, Robb Report, and more.
The firm is also affiliated with other leading businesses in its target sectors including Quicken Loans, the Cleveland Cavaliers, Amrock, and StockX.