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Renovo Home Partners launched in 2021 as a national home renovation platform, acquiring several regional remodeling brands. Audax Private Equity originally backed the company. Its current owner is BlackRock TCP Capital Corp., whose investment adviser is an indirect subsidiary of global asset manager BlackRock, based in New York. A spokesman for BlackRock declined to comment. Eavns encouraged those the closure has financially harmed to file a complaint with the AG’s office. He said the office’s consumer action division works on similar situations and can help. Consumers who made down payments by credit card can dispute those charges, Evans said, and it might be possible to file a claim in Rusco’s bankruptcy, too. He advised consumers to keep their contracts, receipts and other financial documents from Rusco. Signs of financial trouble at the home improvement companies became clear as early as a year ago. During a late 2024 earnings call, BlackRock executives said Renovo’s performance had slowed, and they had placed it on non-accrual status — meaning the lender had stopped recognizing interest income on its loan. They attributed the slowdown to challenges integrating acquisitions, a cooling home-remodeling market and homeowners delaying projects amid inflation. In its second-quarter 2025 earnings report, BlackRock TCP Capital said it recorded $66 million in realized losses related to several restructured portfolio companies, including Renovo. The firm also reversed $9.5 million in previously recognized unrealized losses connected to the restructuring.
