The multi-brand franchisor says this deal will strengthen the network of over 3,200 franchisees across its 20 service brands
No one can doubt that Dwyer Group has had some eventful few years. Since 2014, the company has added 11 new brands to its portfolio – including the UK franchises Bright & Beautiful, Countrywide Grounds Maintenance and Drain Doctor – brining the total up to 20 brands. It’s also introduced 35% more corporate associates and new facilities at headquarters in the US and offices in Europe and Britain, where it can be found in Banbury and Manchester. However, having just been acquired, the multi-brand franchisor promises that it’s only getting started.
The deal sees the majority of the company being transferred from The Riverside Company, a global investment firm that reacquired the business in 2014, to Harvest Partners, a New York-based private equity firm. Now the Big Apple-based buyer aims to use its three decades of experience to help support the company and its franchises to scale to the next level.
Commenting on the deal, Steve Eisenstein, partner at Harvest Partners, said: “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.”
And Mike Bidwell, president and CEO of Dwyer Group, seemed to share his bullishness. “We intend to build on our dominant position as a leader in services helping people repair, maintain and enhance their homes and businesses,” he said. “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.”
Given the combined total of Dwyer Group’s brands account for approximately £1.3bn in annual revenues, the company upping its game with this deal says a lot about the new owners and the multi-franchisor’s ambition.