WACO, Texas - The Dwyer Group Inc., one of the largest franchising companies of trades service brands, announced that it has entered into a definitive agreement to be acquired by an investor group led by TZP Capital Partners I L.P., a private equity fund based in New York. The deal is expected to close by the end of this year.
Valued at approximately $150 million, the Dwyer Group is based in Waco, Texas, and serves as a holding company for seven residential and commercial franchise service brands, including Aire Serv Heating and Air Conditioning. The franchise network includes over 1,500 franchisees operating in the United States and seven other countries. In addition to its franchise concepts, Dwyer also owns and operates 37 full-service glass stores in Maine, Vermont, and New Hampshire. Dwyer’s franchisees along with its company-operated stores account for nearly $800 million in annual system-wide revenues.
“We’re extremely excited to welcome the Dwyer Group to the TZP family and become involved with a group of franchisees and associates dedicated to a unique code of values,” said Sam Katz, managing partner of TZP Group LLC. “As a leader in the service industry, the Dwyer Group’s brands complete over two million service calls a year and are well positioned for expansion. Equally important to our investment philosophy and our support for growing companies, Dwyer’s executives remain fully committed to the business. Dwyer is the perfect complement to our portfolio.”
“We are thrilled about joining forces with TZP Group,” said Dina Dwyer-Owens, chairwoman and CEO of the Dwyer Group, who will remain in place along with the entire executive team. “We’re incredibly proud of the job our team has done to grow the Dwyer Group year after year. And the opportunity exists to do even more. TZP will be a strong partner and will be a big help in getting us to that next level. Together we have ambitious goals for the support and expansion of our growing network, and the common interest to find complementary businesses to add to our franchise lineup.”
The purchase, when complete, will transfer majority ownership from the Riverside Company to TZP along with a significant reinvestment from the Dwyer Group executive team, and a new investment from each brand president within the Dwyer Group of Companies. Calling the Riverside Company a tremendous partner for the Dwyer Group over the years, Dwyer-Owens said the successful relationship set the stage for the next step forward with a private equity investor.
For more information about TZP Group LLC, visit www.tzpgroup.com. For more information on the Dwyer Group, visit www.dwyergroup.com.
Dec. 14, 2010: Dwyer Group to be Acquired by TZP Capital Partners I
December 14, 2010