Harvest Partners Announces the Acquisition of Dwyer Group
Harvest Partners, LP (“Harvest Partners”), announced today that funds managed by Harvest have completed a new investment in Dwyer Group (“The Company”). Dwyer Group, headquartered in Waco, TX, is the market leader in the service franchise category focused on offering residential and commercial customers with a community of professional services. The Company’s management team, led by President and CEO Mike Bidwell, will continue to lead Dwyer Group. Additional terms of the transaction were not disclosed.
Dwyer Group supports 20 service brands with a franchise network including more than 3,200 franchisees operating in the United States and eight other countries.
Of the transaction Mike Bidwell said, “On behalf of Dwyer Group’s Board of Directors and leadership team, we expect to accelerate our growth and deliver on our strategies at an even-higher level by joining Harvest Partners. Their capital, experience and enthusiasm will help Dwyer Group build on our dominant industry position to repair, maintain and enhance homes and properties and expand our Neighborly platform.”
Steve Eisenstein, Partner at Harvest, said “We are thrilled to partner with Dwyer Group’s management team. They have built an excellent company and we look forward to providing additional financial and strategic resources to help them further build their market leadership in the service franchise category.”
Nick Romano, Partner at Harvest, added, “Dwyer Group is an exceptional franchise platform with multiple avenues for growth through the Neighborly brand and strategic acquisitions of new service brands. Harvest is excited to work with Mike and his management team in the next stage of their growth.”
The sale represents the fourth and largest private equity transaction for Dwyer Group.
Harris Williams and William Blair acted as financial advisors to Dwyer Group and Jefferies and Moelis & Company acted as financial advisors to Harvest Partners. Harvest Partners legal advisor was White & Case LLP. Steve Eisenstein, Nick Romano, and David Schwartz from Harvest Partners will join Mike Bidwell and Dina Dwyer-Owens on the Board of Directors of Dwyer Group.
Founded in 1981 and based in Waco, Texas, Dwyer Group is a holding company of 20 service brands, which support franchise organizations under the umbrella brand Neighborly in the United States and Neighbourly in Canada. Neighborly® is a community of experts who repair, maintain and enhance properties united under one platform to better meet the needs of today’s consumer. Collectively, these concepts offer customers a broad base of residential and commercial services. More information about Neighborly/Neighbourly, and its franchise concepts, is available at www.getneighborly.com and www.getneighbourly.ca, respectively. Learn more about Dwyer Group at www.dwyergroup.com.
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that pursues management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services, consumer, healthcare services, and industrial sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com.