The Dwyer Group, Inc., one of the world’s largest franchising companies
of trades service brands, today announced 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. 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 says the successful
relationship set the stage for the next bold step forward with a private
equity investor. Harris Williams & Co. acted as the advisor to The
Dwyer Group.