WACO, Texas – (Dec. 8, 2010) – 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
“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.
About TZP Group LLC:
Founded in 2007, TZP Group LLC is a private
equity firm focused on control investments in business and consumer services
companies with enterprise values generally up to $200 million. TZP targets
companies with solid historical profitability and sustainable value
propositions, and seeks to be a "partner of choice" for business
owners and management teams. TZP is focused on business and consumer services
verticals where the firm’s investment professionals have significant operating
and transaction experience. These include: franchising, outsourced business and
IT services, travel content and distribution, real estate services, marketing
and media services, specialty finance, and consumer health services. For more
information, please visit www.tzpgroup.com.
About The Dwyer Group,
The Dwyer Group, Inc., based in Waco, Texas, is a holding
company of seven franchise businesses, each selling and supporting a different
franchise under the following service marks: Aire Serv®, Glass Doctor®, The
Grounds Guys™, Mr. Appliance®, Mr. Electric®, Mr. Rooter® (Drain Doctor in the
UK and Portugal), and Rainbow International®. Collectively, these independent
franchise concepts offer customers world-wide a broad base of residential and
commercial services. In addition, Dwyer operates glass shops in New England
under the Portland Glass brand name. For more information on The Dwyer Group,
or its franchise concepts, visit the company’s web site at www.dwyergroup.com.