Presidio Invests $75 Million to Merge 15 Companies, Creating Luxury Smart Home System Designer Bravas
Presidio Investors, a private equity firm, announced a $75 million private equity investment 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” where you live, work and play.
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 successful owners of one or more properties, using lighting, shading, climate, entertainment, smart home, voice, wellness, security, surveillance, networking, energy, power and other technologies to transform how custom homes and offices are designed, organized and operated.
Bravas is based in Overland Park, Kan., 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.
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.
“We are stronger together, sharing local and national resources that shape our ability to accelerate growth and improve the homeowner experience,” Anderson said. “We will bring the industry’s best dealers into the Bravas family and continue to focus on the lifelong local relationships we build with our customers.”
“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. “The benefits for our customers will come from the resources of a larger organization, shared expertise and services that create a unique experience for luxury homeowners — and we anticipate growing this investment with acquisitions across the nation.”
The companies uniting to create Bravas are: Audio Dimensions, Oklahoma City, Okla. and Little Rock, Ark.; Audio Intersection, Atlanta, Ga.; Audio Video Hi-Fi Sales, Cherry Hill, N.J.; Audio Video Innovations, Dallas, Texas; Digital Interiors, Alpharetta, Ga.; Digitech Custom Audio and Video, Indianapolis, Ind.; Elevated Electronics, Kansas City, Kan.; Home Theater Technologies, Fort Worth, Texas; Imagine Audio Video, Nashville, Tenn.; J.J. Orion, Minneapolis, Minn. and Austin, Texas; SES Design Group, Houston, Texas; SmartSystems, Dallas, Texas; Spectrum Technology Integrators, Deerfield Beach, Fla.; Starr Systems Design, Baltimore, Md.; and The Homeworks Group, Pleasanton and San Francisco, Calif.
Owners of each business retain a major stake in Bravas. Prior to the merger, they had been working together as independents — many of them members since 2015 of the BRAVAS Group Cooperative, founded and directed by industry veterans Paul Starkey and Steve Firszt of VITAL MGMT in St. Louis, Mo. The cooperative is dedicated to mentoring member companies and optimizing the operating performance, metrics and business systems of custom integrators.
“We look forward to working with Bravas as it continues to evolve from a group of collaborative independents into a major force in the custom integration luxury market,” Starkey said.