Family office AVALT has purchased Ned Stevens, a provider of residential gutter cleaning and essential exterior home services.
Twin Brook Capital Partners, the middle market direct lending arm of Angelo Gordon, served as administrative agent on $133 million of financing to support the transaction.
Ned Stevens was founded in 1965 and provides gutter cleaning, soft wash and other related, non-discretionary residential services in 15 states. The company has grown rapidly, fueled by its reputation for high quality service, expansion into new markets and the addition of complementary service offerings.
“We are delighted to partner with the Ned Stevens management team to help them continue building their business. Ned Stevens is a market leader that is truly differentiated within its industry, and as a result has many opportunities for future expansion” said Marko Kivisto, partner and co-founder of AVALT.
“Our management team is very excited about our new partnership with AVALT. Our business has grown quickly and the AVALT team brings all the right skills, experience and expertise to launch us to the next level. Like Ned Stevens, AVALT is a highly collaborative, energetic team with goals and objectives perfectly aligned with ours.” said Rob Rapuano, CEO of Ned Stevens.
Twin Brook Capital Partners, Audax Private Debt and Carlyle Group’s Global Credit Opportunities Fund provided debt financing for the transaction. Ropes & Gray served as legal counsel and Alvarez & Marsal as accounting advisor to AVALT.