Rely Home Secures Significant Investment from H.I.G. Capital

In a strategic move to bolster its growth and enhance its services, Rely Home, one of the top home warranty providers in the United States, has successfully secured an investment from H.I.G. Capital, a distinguished global alternative investment firm managing $70 billion in capital. This partnership indicates a promising future for Rely Home as it seeks to expand its services nationwide.

Founded in 2008 and based in Edison, New Jersey, Rely Home has developed an innovative technology platform that simplifies home ownership, making it easier for consumers to secure warranty contracts through both direct-to-consumer (DTC) and real estate channels. Rely Home operates under three prominent brands: Choice Home Warranty (CHW), Home Warranty of America (HWA), and Home Service Club (HSC), and it services customers across all 50 states.

The founder of Rely Home, Victor Hakim, expressed his enthusiasm for the partnership, stating, "We are excited to partner with H.I.G. and believe that with their strategic support and deep resources, Rely will continue its rapid expansion while maintaining best-in-class service for our customers." He emphasized pride in the team's achievements thus far and optimism for the company's growth trajectory.

Jim Mostofi, the CEO of Rely Home, also commented on the investment, highlighting the company’s commitment to enhancing its offerings and providing reliable protection for homeowners. He noted that H.I.G.'s investment is a robust endorsement of Rely's strategic vision and will significantly support initiatives that enhance customer and technician experiences across the board. This collaboration aims not only to broaden reach but also to execute a comprehensive long-term growth plan.

John Harroff, Managing Director at H.I.G., shared his perspective on the partnership, reflecting on a decade-long relationship with Rely Home. He noted the impressive journey of the company in building a leading position within the home warranty industry and acknowledged the strong performance of the team as a true reflection of its leadership and dedication to delivering exceptional service. According to Harroff, the partnership aims to capitalize on H.I.G.'s operational expertise and integrated consumer approach to further enhance Rely's foundation and accelerate its growth in the sector.

Financial advisory support was provided by J.P. Morgan Securities LLC and Raymond James & Associates, Inc., while DLA Piper LLP acted as legal counsel for Rely Home during this investment process.

About Rely Home

Rely Home stands out as the fastest-growing home warranty provider in the U.S., delivering customer policies through direct-to-consumer channels and real estate avenues. The company has disrupted the industry by implementing a technology-driven platform that simplifies the process of offering comprehensive coverage against unexpected repair costs for major appliances, plumbing, electrical, and HVAC systems. It leverages a network of independent technicians to serve its customers effectively across the nation.

About H.I.G. Capital

H.I.G. Capital, with its base in Miami and numerous offices across significant U.S. cities, specializes in providing flexible debt and equity capital to middle-market companies. With years of experience since its establishment in 1993, H.I.G. has successfully invested in and managed over 400 companies worldwide, focusing on delivering value through operational improvements.

This investment in Rely Home signifies a monumental step forward, setting a foundation for increased market penetration and exceptional growth in the home warranty sector.