US-based home improvement company Renovation Brands has completed the acquisition of omni-channel retail chain DecorPlanet.com.
Based in New York, DecorPlanet offers a range of decorative plumbing and hardware, kitchen sinks, faucets and lighting products under its Fresca brand and other third-party brands to customers.
The company’s products are accessible through its online platform, wholesale relationships as well as four outlets in New York City.
Renovation Brands CEO Marc Sieger said: “We are thrilled to welcome Robert Gavartin and the DecorPlanet team to the Renovation Brands family.
“In addition to our existing online ready to assemble kitchen cabinet brand, RTA Cabinet Store (RTAcabinetstore.com), DecorPlanet provides us with an extremely strong digital footprint in the growing multi-billion dollar Kitchen & Bath space.
“DecorPlanet is a big step forward in positioning Renovation Brands as a leading player in the growing online home improvement and renovation market.”
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With this acquisition, DecorPlanet.com will join other specialty ecommerce brands, such as American Tin Ceilings, Reggio Register, Electric Fireplaces Direct, Mantels Direct, Electric Fireplaces Canada, Electric Heat Source, Baseboarders, and RTA Cabinet Store in the Renovation Brands portfolio.
DecorPlanet.com president Robert Gavartin said: “We were looking for the right partner with the digital, analytical, and operational chops who could help take our business to the next level and meet the future needs of our customers and employees. I am happy to say, we found a great fit.”
US-based independent investment bank and financial services company Houlihan Lokey acted as financial advisor to Renovation Brands, while Aramar Capital Group acted as financial advisor to DecorPlanet on this transaction.