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WACO, Texas — The Dwyer Group® Inc., one of the world’s largest franchising companies of trade service brands including Aire Serv, a heating and cooling brand, announced it has been acquired for the second time by The Riverside Co., a private equity fund with locations in North America, Europe, and Asia. Terms of the deal were not disclosed.
The Dwyer Group, based in Waco, Texas, serves as a holding company for seven residential and commercial franchise service brands. The franchise network includes more than 1,600 franchisees operating in the United States and seven other countries. In addition to its franchise concepts, The Dwyer Group also owns and operates 35 full-service glass stores in Maine, Vermont, and New Hampshire. Combined, the service brands account for almost $1 billion in annual system-wide revenues.
Riverside first purchased The Dwyer Group in 2003, taking the company private and working with company management to accelerate growth through acquisitions of new brands, expanding facilities at corporate headquarters, and aggressive development of existing franchise brands. After seven years of growth, the firm sold The Dwyer Group to TZP Group LLC in 2010 where the franchise network continued to prosper.
The Riverside purchase transfers majority ownership from TZP back to Riverside along with a significant reinvestment from The Dwyer Group executive team, and an investment from each brand president within The Dwyer Group companies.
“We’re extremely excited to welcome The Dwyer Group back to The Riverside Co. and to become involved once again with franchisees and associates dedicated to a strong code of values,” said Sarah Roth, a partner based at The Riverside Co.’s Dallas office. “The executive team remains fully committed to the business, and The Dwyer Group service brands are well positioned for more expansion.”
Calling TZP a tremendous partner for The Dwyer Group over the past three-and-a-half years, Dina Dwyer-Owens, executive chairwoman of The Dwyer Group, said the successful relationship set the stage for the next step forward. “I commend our talented and dedicated team members and their commitment to The Dwyer Group code of values that has served as our roadmap as we’ve traveled a journey of unprecedented growth.”
Mike Bidwell, CEO and president of The Dwyer Group, added, “By focusing on our core brands and service to our franchisees, we have enjoyed incredible success that continues to this very day, and that success has been noticed for all the right reasons.”
The entire executive team at The Dwyer Group will remain in place and will work with Riverside to advance the organization.
For more information about The Dwyer Group, visit www.dwyergroup.com.
For more information about Aire Serv, visit www.aireserv.com.
Publication date: 8/25/2014