Nautic Partners LLC has made an undisclosed investment and property restoration company Response Team 1. The PE firm has partnered with the target’s founders, John Goense and Erik Bloom, on the deal. In addition to Nautic’s investment, Response team has purchased three restoration businesses: Emergency Reconstruction; JFS Construction Group; and Venturi Technologies.
Response team, headquartered in Wheeling, Illinois, offers commercial and residential restoration from water, fire or storm damage. The company’s services include structure stabilization, cleaning, electrical and plumbing repair along with interior restoration.
Nautic managing director Doug Hill says the firm will “support the future growth of the company, which will come both organically and through capitalizing on the substantial consolidation opportunity that exists in the company’s fragmented market.”
In 2015, Nautic announced plans to buy airplane parts manufacturer Aerostar Aerospace Manufacturing LLC along with substitute teacher services provider Source4Teachers. Nautic, located in Providence, Rhode Island, typically makes equity investments of $25 million to $100 million. The firm recently closed a $900 million fund. Robert W. Baird & Co. advised Response Team. Antares Capital and Lstar Capital provided financing.