Press Highlights
Gioia Capital will put a charge into Buffalo Power Systems
Buffalo, N.Y. – March 15th, 2021
Buffalo Power Systems is a strong company – doing residential and commercial installations of electric generators and then servicing them – with all the limits of a sole proprietorship.
Gioia Capital is a local private equity firm with a platform business in that very industry, having acquired Rochester-based Home Power Systems and Commercial Systems in 2019.
The match looked good on paper. Recently, the two sides made it official.
Gioia Capital has acquired Buffalo Power Systems for an undisclosed sum. The company’s owner, Geoff Goodwin, will stay on as general manager of what will become the Buffalo segment of Home Power Systems and Commercial Systems.
“We’re going to bring our resources to bear to get him to a much higher level of engagement with the customer,” Gioia Capital chief operating officer Bruce Popko said. “Our back office infrastructure and marketing power are things that can help someone like him.”
The deal will coincide with a 5,000-square-foot showroom and office on Duke Road, at the Eastland Commerce Center owned by Benderson Development. That site will include a generator that backs up the entire commerce center, giving customers an opportunity to witness the company’s work in action.
Popko said Gioia Capital was attracted to Goodwin’s business because of the breadth and quality of his customer relationships in Buffalo. As Gioia Capital has seen substantial growth with its existing generator business, this deal is a chance to buy into the Buffalo company rather than starting from scratch.
“We feel like we got into the generator business at the right time, as being at home has taken on a much different significance” during the Covid-19 pandemic, Popko said. “Having security in your power source is something that went from a nice-to-have to a must-have in both commercial and residential settings.”
Home Power Systems Completes 4,000th Generator Installation
Finger Lakes-based standby generator installation company announces 4,000th installation
Rochester, N.Y. – December 13th, 2019
In business for over 16 years, Home Power Systems’ President Jim Swetman largely credits the company’s emphasis on customer service for their success. “With our only focus on standby generators, we have perfected the methods of executing the various services involved for new installs. Our laser-focus on process and procedures for service, maintenance, and warranty repairs make us second to none in the region. This culture has allowed Home Power Systems to be one of the top 20 Generac Dealers in the nation and provide our customers the best customer service.”
The company utilizes an innovative Monorail Transport System that allows HPS crews to execute installations in a single day, a huge advantage for both the company and its customers.
Founded in 2003 by Jim Swetman, the company has been able to differentiate itself and been highly successful through a keen focus on the entire process of installing and servicing home standby and commercial power generators. Home Power Systems and Commercial Power Systems have been recognized for two years in a row as a Rochester Chamber of Commerce Top 100 Company, ranking 22nd in 2018.
Home Power Systems on Thursday installed the 4,000th standby generator in the company’s history. The 4,000th generator was installed for customer Rick Milham in the Town of Henrietta.
About Home Power Systems and Commercial Power Systems: HPS/CPS specializes in the sale, installation, and service of automatic home standby and commercial power generators in the Central and Western New York regions. Based in Farmington, NY the company is a Premier Generac and Factory-Direct Kohler dealer, annually recognized by Generac as “PowerPro Premier Dealer” for over ten years running. Generac is the top-selling brand in residential backup power generators, providing reliable emergency standby electricity for homes. Kohler is well known in the commercial industry as the most reliable choice for business backup power. For further information regarding Home Power Systems and the services they provide, visit http://www.homepowersystems.net, or call 1-877-421-0203.
Home Power Systems Named in Rochester’s Chamber of Commerce Top 100
10-year consecutive Generac Premier generator reseller Dealer ranks 60th out of Rochester’s 100 most progressive private businesses.
Home Power Systems owner, Jim Swetman states “with our only focus on standby generators, we have perfected the methods of execution services for new installs as well as our laser-focused process and procedures for service.”
FARMINGTON, N.Y. (PRWEB) November 7, 2019
Home Power Systems, in business for 16 years, and Generac Premier reseller for the last 10 years, has been named number 60 of the 100 top businesses in the area. The 33rd annual list, determined by the Rochester Chamber of Commerce, celebrates the most rapidly excelling, privately-owned companies in the Rochester region. Selling and servicing Generac home generators throughout central and western New York, Home Power Systems surpasses Generac Premier Dealer status requirements, essentially representing the Generac brand at large to their customers.
To achieve this recognition, Home Power Systems has maintained their private status, operating out of the Finger Lakes region and grossing at minimum $1 million in the last three consecutive fiscal years. In conjunction with the other 99 businesses on the list, Home Power Systems has contributed to providing over 30 people with employment in the Rochester area. This is the second year in a row that Home Power Systems has appeared on the list.
Home Power Systems maintains 16 certified generator technicians along with work in its Commercial Power Systems division. Backed by over 35 years of experience and a team mainly comprised of those holding electrical master licenses, their dedication to quality, integrity, and trust has garnered them over 7000 customers in New York State.
Home Power Systems’ President, Jim Swetman, largely credits the company’s emphasis on customer service for their success, stating “with our only focus on standby generators, we have perfected the methods of execution services for new installs as well as our laser-focused process and procedures for service, maintenance, and warranty repairs. This culture has allowed Home Power Systems to be one of the top 15 Generac Dealers in the nation and provide our customers the best customer service…”.
The Rochester Chamber of Commerce Top 100 list celebrates the entrepreneurial spirit of the region. The standard of excellence held at Home Power Systems rightfully exceeds this expectation. For further information regarding Home Power Systems and the services they provide, visit http://www.
Gioia Capital Acquires Home Power Systems and Commercial Power Systems
BUFFALO, NY October 28, 2019 – Gioia Capital, the capital investment firm focused on acquiring and managing local, family-owned businesses through a unique shared-service model, today announced their purchase of Home Power Systems and Commercial Power Systems (HPS/CPS).
HPS/CPS specializes in the sale, installation, and service of automatic home standby and commercial power generators in the Central and Western New York regions. Based in Farmington, NY the company is a top-20 Generac and leading Kohler dealer in the nation. Generac is the top-selling brand in residential backup power generators, providing reliable emergency standby electricity for homes. Kohler is well known in the commercial industry as the most reliable choice for business backup power.
“A few months ago, we started talking to Jeff Lewis at The Bonadio Group who was representing Home Power Systems and Commercial Power Systems. We were immediately interested based on the tremendous brand equity that had been developed, the overall trajectory of the business, and the impeccable reputation of Jim Swetman and his staff,” said Rich Gioia, Chief Executive Officer of Gioia Capital. He added, “We believe there is a great deal of organic growth we can realize through both market penetration and expansion, and our strategy is to pursue both aggressively.”
Jim Swetman, the owner of Home Power Systems and Commercial Power Systems, will remain with the company and serve as President. “I am very pleased that Gioia Capital recognizes the strength of Home Power and Commercial Power Systems in the current marketplace and look forward to its future potential. Going forward, our partnership with the Gioia Capital management team will focus on continuing to invest in the standby generator marketplace and other emerging energy markets. We are well-positioned to continue to grow our base business model platform and offering value-added customer support with this new partnership,” Jim said.
Gioia Capital was advised by Barclay Damon, LLP and Tronconi Segarra & Associates, LLP and the acquisition was financed by Evans Bank. Home and Commercial Power Systems were advised by The Bonadio Group.
For more information, please go to www.gioiacapital.com or contact Bruce Popko at [email protected].
About Gioia Capital: Focused on acquiring and investing in regional businesses with annual revenue between $5-$50 million and earnings of at least $1 million with a history of stability. Gioia Capital’s shared service model adds value to existing management and ownership, focusing on operational efficiencies and the development and implementation of growth strategies. Gioia Capital does not have a particular industry focus.
About Home Power Systems and Commercial Power Systems: Founded in 2003 by Jim Swetman, the company has been able to differentiate itself and been highly successful through a keen focus on the entire process of installing and servicing home standby and commercial power generators. The company is a key Generac and Kohler deal, annually recognized by Generac as “PowerPro Premier Dealer.”
The company utilizes an innovative Monorail Transport System that allows its crews to execute installations in a single day, a huge advantage for both the company and its customers.
Home Power Systems and Commercial Power Systems have been recognized for two years in a row as a Rochester Chamber of Commerce Top 100 Company, ranking 22nd in 2018.
About The Bonadio Group: The Bonadio Group is comprised of accounting, tax, consulting, and personal financial services entities, including Bonadio & Co., LLP, a nationally-ranked top 40 CPA firm founded in 1978. With over 800 team members across 10 offices, The Bonadio Group has the ability to draw on professionals from many different disciplines to meet the needs of its clients. Bonadio’s Transaction Advisory Services team is an experienced group of transaction professionals, providing middle-market companies with investment banking, M&A advisory and other corporate finance services.
