Dwyer Group® Acquired by Harvest Partners
Dwyer Group® Acquired by Harvest Partners
Dwyer Franchising, LLC (“Dwyer Group”), one of the world’s largest parent companies of home service brands, yesterday announced it has been acquired by Harvest Partners, LP (“Harvest Partners” or “Harvest”), a New York-based private equity firm. The deal marks the fourth and largest private equity transaction of Dwyer Group in the franchise organisation’s history. Terms of the deal were not disclosed.
Mr. Electric, the UK’s leading electrical franchise brand with expertise in electrical installation, maintenance and repair, is part of the Dwyer Group with over 17 years of experience and over 200 locations arounds the world.
Dwyer Group, headquartered in Waco, Texas, with offices in Banbury and Manchester UK, serves as the holding company for 20 service brands, with a franchise network including more than 3,200 franchisees operating in the United States, United Kingdom and seven other countries. The combined businesses offer domestic and commercial customers with a community of professional services and account for approximately £1.3 billion in annual system-wide revenues.
Harvest Partners, is an established middle-market private equity firm with a 35+ year history of investing in companies and partnering with high-quality management teams to support those businesses as they continue to grow to the next level.
“We are thrilled to partner with the Dwyer Group management team. They have built an excellent company and we look forward to providing additional financial and strategic resources to help them further build on their market leader status in the service franchise category,” said Steve Eisenstein, Partner at Harvest Partners.
Harvest’s purchase transfers majority ownership of Dwyer Group from The Riverside Company, a global investment firm that invested in Dwyer Group two separate times – taking the company private in 2003 and reacquiring the company in 2014.
“This acquisition is exciting news for Mr. Electric as it will open up many more opportunities for us to grow our network of franchises and clients even further across the UK, says Pierre Jeannes, Vice -President of Mr. Electric. “It will also be great to benefit from Harvest Partners vast expertise and experience in the service sector.”
With each private equity transaction, Dwyer Group has expanded exponentially through add-on acquisitions of complementary franchise service brands and the organic growth of its existing service brands. In recent years, the company has expanded its franchisee-support structure significantly by adding 35% more corporate associates and new facilities at headquarters in the U.S. and offices in the UK and Europe. During this time, Dwyer Group tripled in enterprise value and launched the overarching Neighbourly brand to unify and market a growing roster of service brands that provide a seamless one-stop shop for consumers’ home service needs.
“The incredible support of Riverside, the skill and resources of our team, and the successful completion of 11 add-on acquisitions, including three in the UK (Drain Doctor®, Bright & Beautiful® and Countrywide Grounds Maintenance®) to Dwyer Group during this second investment have dramatically shaped the trajectory of our growth. We intend to build on our dominant position as a leader in services helping people repair, maintain and enhance their homes and businesses,” said Mike Bidwell, President and CEO of Dwyer Group. “We are in the strongest fiscal position with the largest global reach in our company’s history. And Harvest brings capital, experience and enthusiasm to support our ambitions for continued growth.”
About Harvest Partners:
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm pursuing management buyouts and recapitalisations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners’ more than 35 years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit their website at www.harvestpartners.com.
About The Riverside Company:
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 530 transactions. The firm’s international portfolio includes more than 80 companies.
About Dwyer Group®:
Founded in 1981 and based in Waco, Texas, Dwyer Group is a holding company of 20 service brands and eight corporate support centres throughout North America, U.K. and Europe. In the United States, Dwyer Group’s franchise organisations are marketed under the umbrella brand Neighborly and Neighbourly in Canada. Neighborly® is a community of experts who repair, maintain and enhance properties united under one platform to better meet the needs of today’s consumer. Collectively, these concepts offer customers worldwide a broad base of domestic and commercial services. More information about Neighborly/Neighbourly, and its franchise concepts, is available at www.getneighborly.com and www.getneighbourly.ca, respectively. Learn more about Dwyer Group at www.dwyergroup.com and www.dwyergroup.eu.
About Mr. Electric®:
With over 17 years of experience and over 200 locations around the world, Mr. Electric is the UK’s leading electrical franchise brand with expertise in electrical installation, maintenance and repair. Mr. Electric is an authorised OLEV (Office for Low Emission Vehicles) installer of electric vehicle charging points, with a team of electricians who are NICEIC (National Inspection Council for Electrical Installation Contracting) approved. Compliant with BS 7671, the Electrical Safety Quality and Continuity Regulations and the new IET (Institution of Engineering & Technology) Code of Practice. Learn more about Mr. Electric at www.mr-electric.co.uk