The TZP Group has sold The Dwyer Group back to The Riverside Company. Financial terms weren’t announced. Waco, Texas-based Dwyer is a holding company of seven franchise businesses focused on residential and commercial services. The companies include Aire Serv, Glass Doctor, The Grounds Guys, Mr. Appliance, Mr. Electric, Mr. Rooter (Drain Doctor in the UK and Portugal), and Rainbow International. In December 2010, The Riverside Company announced it was selling The Dwyer Group to TZP in a deal valued at $150 million.
New York, NY – August 18, 2014 – TZP Group (TZP) sold The Dwyer Group (Dwyer), a holding company of seven franchise businesses focused on residential and commercial services to The Riverside Company. Based in Waco, Texas, Dwyer provides support and marketing 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. Dwyer also owns and operates glass shops in New England under the Portland Glass brand name. Since 2010, when TZP bought majority control of Dwyer, the Company’s EBITDA has grown by more than 60%.
“Dwyer’s business successfully evolved during its partnership with TZP and the transaction reflects the very essence of our firm’s strategy of being the Partner of Choice for management teams,” said Sam Katz, Managing Partner for TZP. “We are very proud of our joint achievements in enhancing the franchisee value proposition and initiating exciting online and offline marketing initiatives. We look forward to continuing our relationship with Dina and the Dwyer team and watching them continue to succeed at building this special company.”
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. “We have enjoyed an incredible relationship with TZP that shows in the success of The Dwyer Group, the expansion of our service brands and the strength of our business across the trades.”
Mike Bidwell, CEO and President of The Dwyer Group, added, “TZP has proven to be a trusted and valuable partner. With their support, our management team realized significant improvements in the business in a relatively short period of time. We are very appreciative of their contribution to our business. We even managed to have a little fun along the way.”
TZP used its significant franchise industry experience to work with Dwyer management on numerous initiatives, including creating a Center of Digital Excellence (CODE), improving the vendor network economics for the franchisees, expanding internationally and enhancing the franchise sales process.
Nathan Chandrasekaran and Andrew Hollod worked with Sam Katz on the transaction for TZP.
About TZP Group:
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 between $50 million and $250 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, marketing and media services, travel and hospitality services, real estate services and specialty finance. TZP has over $500 million of capital under management and is currently investing out of its second committed fund. For more information, please visit www.tzpgroup.com.
About The Dwyer Group, Inc.®:
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 GuysTM, 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 website at www.dwyergroup.com.