Presidio Investors announced a $75 million private equity investment Aug. 27 that merges 15 independent smart-home design-build firms across the United States, creating Bravas LLC, an integrator of electronic lifestyle technologies into custom-built intelligent spaces.
Three of the firms are in north Texas, Home Theater Technologies in Colleyville and Audio Video Innovations and SmartSystems in Dallas.
“High-profile business leaders, entrepreneurs, athletes, lawyers, doctors, celebrities – these are some of the customers who rely on us like never before for the amazing luxury technologies we build seamlessly into a home,” Jeff Halloran, who becomes general manager of Bravas Texas with the merger of the north Texas companies, said in a news release.
Halloran is currently president of Audio Video Innovations.
Bravas is based in Overland Park, Kansas, with locations in 13 states, annual revenues around $75 million, and a team of more than 285 professionals, including designers, engineers, installers, technicians and programmers that have earned hundreds of industry awards and certifications.
In 2018, Bravas locations collectively completed more than 3,500 residential and commercial projects.
In addition to Halloran, the announcement said the management team comprises owner/operators and key executive additions, including Tracey Westbrook, director of Human Resources and Administration, from Home Theater Technologies in Colleyville and Marie Devlin, operations manager, from Smart Systems in Dallas.
The investment launches a national network of luxury technology integrators, operating as one brand, working across North America with architects, builders, remodelers, interior designers and owners, the news release said.
“We look forward to building the most intelligent homes in Dallas and Fort Worth,” said Devlin, co-owner with husband Pat Devlin of Smart Systems.
“From lighting, to thermostats, entertainment, cameras and security, and controlling it all, new products and technical services make the connected home a burgeoning market segment,” said Devlin. “In 2018, the smart home market was valued at $76.6 billion USD by Research and Markets Inc. It is expected to reach $151.4 billion USD by 2024.”
Bravas will use the funding to expand its network of trade partners, build new software and business systems, reinvent service and support, invest in talent, and expand the company with targeted acquisitions throughout the United States and Canada.
“To have an investment platform, operating as one national brand, changes the way business is done in our industry,” said Ryan Anderson, owner of Elevated Electronics in Kansas City and chief executive officer of Bravas.
“Where the business of luxury technology integration is fragmented into smaller businesses operating only in local markets, Presidio is partnering with Bravas management and the initial 15 mergers to create a clear national leader,” said Karl Schade, managing partner and founder of Presidio.
Presidio Investors is a private equity firm based in Austin and San Francisco, founded in 2007 to pursue lower and middle-market investments.
The firm specializes in growth-oriented buyouts in the media/technology and financial services industries, the news release said.
– FWBP Staff