Investcorp
Manama, BH · Founded 1982 · ~$10-100B AUM
Why it invests in the trades
Bahrain-headquartered global alternative asset manager that took a majority stake in the Wrench Group in March 2016 with the stated plan of 'capitalizing on best practices across the enterprise' while keeping management invested. Under Investcorp, Wrench expanded from four metros into Florida, buying Sarasota-based CoolToday in March 2019.
Platforms in Tampa Bay (1)
Wrench Group
Local brands ultimately backed by Investcorp (3)
Red Cap Plumbing & Air
CoolToday (N&M Cooling and Heating, Inc.)
Easy A/C
Deals
- Acquisition Red Cap Plumbing & Air → Wrench Group (backed by Leonard Green & Partners) · 105 employees
Notable exits — what happened next
How this investor has behaved when the clock ran out elsewhere.
- Wrench Group (2020) → Leonard Green & Partners. Investcorp sold Wrench Group to Leonard Green; the Wrench brands, including Tampa's Red Cap Plumbing & Air (acquired 2021 under LGP), continued operating under their local names through the ownership change. Year is approximate — the release date was not captured. [source]
- Wrench Group (2019). Investcorp announced the sale of the Wrench Group; 2020 trade coverage identifies Leonard Green & Partners as the subsequent backer [source]
- The Wrench Group (2019) → Leonard Green & Partners. Terms undisclosed; Investcorp said the deal illustrated its full value-creation cycle. [source]
Frequently asked
What does Investcorp own in Tampa Bay?
Red Cap Plumbing & Air, CoolToday (N&M Cooling and Heating, Inc.), Easy A/C, through Wrench Group.
Is Investcorp a private-equity firm?
Yes.
How long will Investcorp hold these companies?
Private-equity funds typically target a 3–7 year hold before a sale, recapitalization or continuation fund. See "Notable exits" for how this investor has behaved before, and Debt, exits and the 5-year clock.
Sources Verified — primary document
- Leonard Green & Partners — press release. Investcorp sale of Wrench Group
- Alpine Investors (2019-07-29) — press release. Confirms Investcorp bought Wrench Group from Alpine in 2016
- PR Newswire (2016-03-03) — press release. Majority investment; David Tayeh quote
- Investcorp — press release. Announcement of the Wrench Group sale
Researcher notes: Exit year 2020 is approximate; the Leonard Green announcement date was not established. | Exit date and acquirer not confirmed from a dated primary source read here. AUM band is an approximation, not sourced. | Prior owner only; not a current Tampa Bay capital source.
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