Grace Hill, a provider of online training courseware, administration and mystery shopping for the multifamily property management industry, was recently acquired by funds managed by Stone Point Capital LLC. The sale was finalized on Feb. 28, 2018. The transaction follows a three‑year period in which Grace Hill indicated they increased revenue, profitability, and customers while under ownership by its founders and The Riverside Company. Today, Grace Hill serves more than 1,300 customers that manage approximately 6.2 million housing units.
"Grace Hill is thrilled to be partnering with Stone Point," stated Dru Armstrong, the company's chief executive officer. "Stone Point is deeply entrenched in the real estate services industry and is therefore able to support Grace Hill in key, strategic ways beyond the firm's significant investment. Our mission is to remain the leading, best-in-class training solution for the property management industry while expanding the features and functions that enable Grace Hill clients to deliver their training programs, their way." Armstrong continued, "We are grateful for the investment and partnership of Stone Point, which will allow us to continue to expand our courseware and services. Stone Point shares Grace Hill's commitment to building and delivering to our clients new, high-value solutions."
Chuck Davis, the chief executive officer of Stone Point, said, "We share Dru's enthusiasm regarding the partnership. She and her team have built an outstanding company, with innovative, market-leading products that serve a critical role in the success of property management companies. We congratulate the company's founders and The Riverside Company for their development of Grace Hill, and we look forward to building upon the company's history of success."
"We loved Grace Hill's potential when we invested in 2014, and we worked hard with a great management team to achieve our goals," said Riverside Managing Partner Loren Schlachet. "We focused on enhancing technology and course offerings to take the company to the next level, including expanding product lines to include employee credentialing and mystery shopping solutions."
Grace Hill, which will maintain its base of operations in Greenville, South Carolina, offers a suite of valuable training offerings that are available online, allowing property managers to train employees on topics such as Fair Housing, OSHA, sexual harassment and more.