Ryan and Michael Redman (IBJ Photo/Eric Learned)
Atlanta-based SageHome Inc. has acquired New Bath Today Inc., an Indianapolis-based bathroom remodeling specialist that is the nation’s largest Kohler-direct contractor.
SageHome, which designs living spaces for the elderly, has partnered with Cairngorm Capital Partners LLP for the acquisition.
Financial terms of the deal were not disclosed.
SageHome said the acquisition enhances its “aging-in-place” offerings.
“The launch of our bath division is the first key step in our strategy, so we are delighted to be working with Mike, Ryan and the rest of the NBT team,” said Brian Hutto, CEO of SageHome.
“The overwhelming majority of mature Americans want to stay home for as long as possible, so we’re excited to bring our solution to market,” Hutto said in a written statement. “Our goal is to grow a national home modification company that meets all the needs of senior homeowners holistically.”
The founders of New Bath – brothers Mike Redman, CEO, and Ryan Redman, President – have been in the home improvement business for over 30 years. In 2016, they were operating a business that offered contractor services when they were told that plumbing products maker Kohler Co. had launched a program allowing contractors to buy directly from it. The Redmans launched New Bath Today as a spin-off and it has grown rapidly ever since.
New Bath Today landed 17th on IBJ’s list of fastest growing private companies last year, with revenue of $22.1 million in 2020, up 131% from compared to the previous two years.
In 2021, the company’s revenue rose again, to $35.4 million, thanks to a pandemic-fueled home improvement push.
Mike and Ryan Redman will continue to lead the business and collaborate to grow geographically, as well as in adjacent products and services, SageHome said.
“We believe we have found the right partners to help us move our business forward, those who share our vision for growth but who respect our culture and will take care of our people,” Mike Redman said in a written statement.
New Bath Today has approximately 60 full-time employees and serves six Midwestern states.