WACO, TX – Dwyer Group was acquired by Harvest Partners. The deal marks the fourth and largest private equity transaction of Dwyer Group in the franchise organization’s history. Terms of the deal were not disclosed.
Dwyer Group – based in Waco, Texas – serves as the holding company for 20 service brands, including more than 3,200 franchisees operating in the United States and eight other countries. The combined businesses serve both residential and commercial customers as well as account for approximately $1.7 billion in annual system-wide revenues.
Harvest is an established middle-market private equity firm that has been investing in companies and partnering with management teams to support businesses for over 35 years.
“We are thrilled to partner with the Dwyer Group management team,” said Steve Eisenstein, partner at Harvest. “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.”
Harvest Partners’ 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 then reacquiring it in 2014.
“Dwyer Group is such a special company,” said Riverside Partner Meranee Phing. “It’s been deeply rewarding to work with a wonderful and talented team that shared our goals and values as we realized our vision for the company.”
With each private equity transaction, Dwyer Group has expanded through add-on acquisitions of complementary franchise service brands and by the continued growth of its existing service brands.
In recent years, the company has expanded its franchisee-support structure by adding 35 percent more corporate associates and new facilities at headquarters in the U.S. and Europe. During this time, Dwyer Group tripled in enterprise value and launched the overarching Neighborly brand to unify and market service brands that provided home service needs.
“We intend to build on our dominant position as a leader in home services helping people repair, maintain and enhance their homes and properties,” said Mike Bidwell, president and CEO of Dwyer Group. “Harvest brings capital, experience and enthusiasm to support our ambitions for continued growth."