WayForth Announces Growth Plans and Capital Raise
WayForth is positioned for additional growth to ease the process for people experiencing life transitions.
RICHMOND, Va., August 3, 2021 /PRNewswire-PRWeb/ -- Richmond, VA-based WayForth Inc., founded in 2016, is the nation's largest provider of move management and complete home transition solutions, announces today that it has completed a capital raise of $32 million with the opportunity to raise up to $18 million in additional capital over the next several years. The transaction was led by HF Capital ("HF") with participation by existing lead institutional investor GLP Capital Partners ("GCP"). The transaction provides the opportunity for WayForth to execute on its strategic long-term growth plan, including expansion of WayForth service areas, as well as investment in technology and critical infrastructure to continue serving the aging population and people experiencing life transitions of all kinds.
With 10,000 people turning 65 each day, by 2030 all baby boomers will be over 65, and 20% of the population will be at retirement age. Many families struggle when transitioning a loved one into senior living communities or managing downsizing projects. Moving is often considered one of life's most stressful events – behind divorce and the death of a loved one. WayForth aims to eliminate the stress of moving by providing seniors and their families the high-touch resources to address all aspects of downsizing or transitioning to senior living, making their moves effortless. WayForth's move management professionals walk clients through their transitions step by step, offering a full suite of transition solutions, including space planning and customized floor plans, downsizing and decluttering, packing and moving, storage, and unpacking and settling into their new homes.
"Despite the volatility that the pandemic brought to 2020, WayForth gained significant market share and served record numbers of clients. Entering 2021 we knew it was time to find another long-term capital partner that would enable us to serve more clients in more places," says Craig Shealy, CEO and Co-Founder at WayForth. "We selected HF Capital as the lead investor for the transaction based on their track record of success, relationship focus and long-term growth-oriented investment strategy. All our investors, and especially GCP, have been tremendous partners. With the additional support of HF Capital, we have the opportunity to further our mission like never before."
"We are a people helping people company which provides the bridge that makes transitions easier to navigate," says Pete Shrock, COO and Co-Founder at WayForth. "This additional capital support provides the opportunity for growth of our technology platform and contributes to our team's growth potential to best serve and support our clients."
"We are excited to partner with the WayForth team as well as existing investors like GCP," says Dave Mathews, Managing Director at HF Capital. "The company has strong prospects and is driven by its vision and commitment to its clients."
"As an investor in WayForth, we watched closely as the team successfully navigated the challenges of the pandemic. We are excited to see what this company can achieve with this new round of investment and partnership with HF," says Alan Yang, CEO of GCP.
WayForth currently provides services in the following states and regions; central and northern Virginia, Washington, DC, Maryland, Philadelphia, New Jersey, Boston, Connecticut, Charlotte, Raleigh-Durham, and Florida with an expansion focus to grow our footprint on a national level and launch WayForth as a national brand maintaining a local personalized focus for all clients. WayForth has served clients with over 7000 moves in 2020, has over 400 employees, and is accredited by the National Association of Senior Move Management.
About WayForth
WayForth is the nation's largest home transition management company, providing move management, full-service moving, estate, storage, business and financial solutions for people experiencing life transitions of all kinds, from retirement to new homebuyers to geographic relocation and more. WayForth's services combine compassion and guidance to bring peace of mind to the moving experience by delivering done-for-you moving solutions and the highest safety standards in the industry.
For more information about WayForth, visit http://www.wayforth.com.
About HF Capital
HF Capital is based in Knoxville, Tennessee, and invests capital on behalf of the Haslam family. This includes direct investments in operating companies as well as investment commitments to exceptional managers of liquid and illiquid investments across a spectrum of asset classes and geographies. James Haslam, Jr., the family's patriarch, founded Pilot Corporation in 1958. Today, Pilot is owned by the Haslam family and Berkshire Hathaway.
Media Contact
Beth Simos, WayForth, +1 (804) 533-5384, [email protected]
SOURCE WayForth
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