CHICAGO--(BUSINESS WIRE)--Homewerks Worldwide, LLC (Homewerks), a leading home improvement innovator in the kitchen, bathroom, and plumbing categories, announced today the acquisition of the Cobra Drain Tools product line from BrassCraft Manufacturing Co. (BrassCraft), a long-standing manufacturer of plumbing products.
The acquired product line includes drain augers, drum augers, plungers, hair snakes, bladders, cable drum machines, and other manual and power drain cleaning tools. The products are supported by strong intellectual property, patents, marketing assets, and the Cobra brand name. Homewerks will immediately integrate these product lines into its product portfolio and will begin offering Cobra drain tool products to our customers immediately following the March 13th closing date.
This transaction bolsters the Homewerks drain tools product category where the company had already established a retail footprint through its 2019 acquisition of portions of LDR Global Industries, LLC and the 2022 acquisition of the Shower and Specialty Plumbing business from Waxman Consumer Products Group.
Peter Berkman, Chief Executive Officer and founder of Homewerks, commented, “We are pleased to announce we have successfully completed the purchase of the Cobra drain tools business from BrassCraft. This acquisition represents another step forward in Homewerks’ expansion strategy. The deeper foundation of products created by adding the Cobra drain tools portfolio will enhance our position as a full line distributor in the plumbing market and will enable Homewerks to better serve and grow with our important retail partners.”
This transaction is the second acquisition Homewerks has completed since H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $53 billion of equity capital under management, made a growth investment in Homewerks in May 2021, and the third acquisition for Homewerks in less than five years.
Mr. Berkman went on to say, “I want to thank the team here at Homewerks as well as our colleagues at BrassCraft who have worked tirelessly to complete this acquisition on an accelerated timeline. I also appreciate the cooperation of our customers and vendors during this time of transition. We are looking forward to the exciting next steps in the Homewerks journey.”
About Homewerks Worldwide, LLC
Homewerks Worldwide, LLC develops, sources, and markets bathroom, kitchen, and plumbing products for home and commercial use under the Homewerks™, Plumb Craft®, Tosca®, Aqua Vista®, Home2O™, LDR®, Exquisite®, Waxman®, Body Moods®, and Simply Clean® brand names as well as retailer private brands across the rough plumbing, fashion plumbing, and HVAC categories. Since its formation in 2006, Homewerks has shown consistent sales growth fueled by a proven track record of bringing innovative, efficient, and high-quality product solutions to homes. Headquartered in Lake Bluff, Illinois, Homewerks operates out of 550,000 square feet in two distribution centers with strategically located personnel across the globe. For more information about the company and its products, visit Homewerks.com, HWCares.com, and LDRInd.com.
