Harvest Partners, a New York-based private equity firm, acquired Dwyer Franchising (Dwyer Group), the parent company of The Grounds Guys.
Terms of the transaction were not disclosed.
“We are thrilled to partner with the Dwyer Group management team,” said Steve Eisenstein, partner at Harvest Partners. “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.”
The deal marks the fourth and largest private equity transaction of Dwyer Group in the franchise organization’s history.
Based in Waco, Texas, Dwyer Group serves as the holding company for 20 service brands with a franchise network, including more than 3,200 franchisees operating in the U.S. and eight other countries. The combined businesses offer residential and commercial customers and account for approximately $1.7 billion in annual systemwide revenues.
Harvest’s purchase transfers majority ownership of Dwyer Group from The Riverside Co., a global investment firm that invested in Dwyer Group two separate times—taking the company private in 2003 and reacquiring the company in 2014.
“The incredible support of Riverside, the skill and resources of our team and the successful completion of 11 add-on acquisitions to Dwyer Group during this second investment have dramatically shaped the trajectory of our growth,” said Mike Bidwell, president and CEO of Dwyer Group. “We intend to build on our dominant position as a leader in home services helping people repair, maintain and enhance their homes and properties. And Harvest brings capital, experience and enthusiasm to support our ambitions for continued growth.”
In recent years, the Dwyer Group has expanded its franchisee support structure significantly 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.
