Digital Fuel Capital Announces Recapitalization of Renovation Brands

NEWTON, MA., December 2, 2001 — Digital Fuel Capital (“Digital Fuel”), a private equity firm focused on e-commerce, announced the recapitalization of its portfolio company, Renovation Brands (the “Company”), led by Comvest Partners, an operationally-focused middle-market private investment firm. In 2012, Digital Fuel partnered with Rick Morse, founder of Mantels Direct and Electric Fireplaced Direct, to establish Renovation brands as a multi-brand platform in direct-to-consumer home improvement. Renovation Brands has completed seven acquisitions to build one of the leading e-commerce businesses in the home improvement category with three major divisions: kitchen and bath, decorative finishes, and hearth and patio. Digital Fuel, Rick Morse and the management team at Renovation Brands will remain significant investors in the business.

Renovation Brands is comprised of category-leading specialty brands which offer customers a differentiated experience based upon proprietary products, custom online configuration tools, in-house design services and expert customer service. Renovation Brands provides centralized resources in performance marketing, e-commerce, technology, sourcing, finance and operations to enable its brands to accelerate their growth.

“As one of the pioneers in the on-line home improvement category, I teamed up with Digital Fuel because they truly understood the e-commerce market,” said Rick Morse, founder of Renovation Brands. “We have had an extremely successful collaboration developing a platform in a category that is still in the early innings of shifting to on-line buying. I am excited for that collaboration to continue along with the additional support of Comvest Partners in powering our growth.”

“Digital Fuel’s in-house performance marketing, e-commerce and analytics teams have been an incredible resource to Renovation Brands in developing our own capabilities as a high-growth direct-to-consumer business,” said Marc Sieger, CEO of Renovation Brands. “Having led multiple private-equity backed companies, Digital Fuel’s model is highly differentiated in the private equity industry.”

“We have had an extraordinary partnership with Rick Morse, Marc Sieger and the entire Renovation Brands management team in building a highly differentiated direct-to-consumer home improvement platform” said Carson Biederman, President of Digital Fuel. “Having partnered with Comvest Partners as investors in Rugs USA, a leading direct-to-consumer area rug business, we are excited to collaborate with them again in supporting the growth of Renovation Brands through acquisitions and organic expansion. We are grateful to the multiple entrepreneurs who partnered with us in becoming part of Renovation Brands, as well as the tremendous support from our lenders and equity co-investors, Bay Private Capital, Eagle Private Capital, Pine Street Enterprise Bank, and First Bank.”

Digital Fuel is actively building other multi-brand e-commerce platforms including Boutique Brands (women’s apparel live video e-commerce), Guild Brands (artist-made products) and The Digital Stronghold (men’s apparel and accessories). Digital Fuel is also an investor in other direct-to-consumer home improvement and décor businesses, with recent investments including First Impression Ironworks (customer iron products) and Ledge Lounger (outdoor living).

Houlihan Lokey acted as financial advisor to Renovation Brands in connection with the transaction. Lowenstein Sandler LLP and Butler Snow served as legal advisors to Digital Fuel and the Company.

About Renovation Brands
Renovation Brands is the parent company of multiple fast-growing home improvement product brands serving both residential and commercial customers in the renovation space. Renovation Brands is currently comprised of multiple specialty e-commerce brands including American Tin Ceilings, Reggio Register, Electric Fireplaces Direct, Mantels Direct, Electric Fireplaces Canada, Baseboarders, RTA Cabinet Store,, Trueform Concrete, Blendhouse, and Kitchen Design Pros. For more information, please visit

About Digital Fuel Capital
Digital Fuel Capital is among the most active private equity investors in e-commerce, with thirteen investments spanning a variety of sectors including home improvement and décor, apparel, photo products, and event ticketing. Digital Fuel supports its portfolio companies in implementing direct-to-consumer best practices with internal operating resources in performance marketing, e-commerce, technology, data science and analytics. For more information, please visit

For more information, please contact
Carson Biederman, President –
Stephen Owen, Vice President –