Audax Private Debt announced that, as Joint Lead Arranger, it provided a unitranche facility to support Cobepa S.A.’s acquisition of Ned Stevens.
Based in Fairfield, NJ, Ned Stevens is a leading provider of residential gutter cleaning and essential exterior home services. Ned 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.
Peter Stern, Managing Director at Audax Private Debt, said, “We have been long-term supporters of Ned Stevens and have seen the Company establish itself as a leading provider of valuable home services, including gutter cleaning, and complementary service offerings. The Ned team has done a fantastic job building the business in both its existing and new regions as well as strategically introducing new service lines to the market. We are excited to partner with the Cobepa team to help Ned continue with its impressive pace of expansion.”
“We are excited to partner with Audax in conjunction with our acquisition of Ned Stevens,” said Peter Connolly & Andrew Hollod, Managing Directors at Cobepa. “Their familiarity with the business and support through the process was important during these past several months. Ned Stevens is poised for significant growth ahead, and we are confident in Audax’ ability to scale and support our growth objectives and operate as our partner throughout our investment.”
About Ned Stevens
Founded in 1965 and headquartered in Fairfield, New Jersey, Ned Stevens (www.nedstevens.com) is a leading provider of gutter cleaning, soft wash and other related, non-discretionary residential services in 15 states. Ned’s client-focused team of field service workers provide necessary exterior services to residential homes across the US.
Cobepa is an independent, privately held investment company with offices in New York, Brussels, and Munich. Cobepa manages a diverse portfolio of private equity investments representing approximately $4.2 billion of equity capital. Cobepa invests in leading companies with superior business models, sustainable market positions and leading management teams. In the U.S., Cobepa is primarily focused on investments in the healthcare, business services and tech-enabled services sectors. For more information, visit www.cobepa.com.