CenterOak Partners LLC said May 15 that it completed a majority investment in Service Champions. Financial terms weren’t announced. CEO Leland Smith is retaining a stake. Service Champions, which is merging with CenterOak portfolio company Moore Home Services, provides residential service and replacement services including air conditioning repair and replacement, plumbing, solar and electrical services.
CenterOak Partners Forms Leading Residential HVAC Maintenance & Repair Company Serving the Southern and Northern California Markets
DALLAS – May 15, 2019 – CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced that it has completed a majority investment in Service Champions (“Company”) in combination with existing platform investment Moore Home Services, formingthe leading provider of home maintenance and repair services across Southern and Northern California. Chief Executive Officer Leland Smith will maintain a significant ownership stake in the company and will lead the newly combined Company following CenterOak’s investment. Terms of the transaction were not disclosed.
The merger of Service Champions and Moore Home Services creates one of the largest residential HVAC contractors on the West Coast. Service offerings include residential heating and air conditioning repair and replacement, plumbing, solar and electrical services. The companies have developed a loyal customer base of over 21,000 active club members by offering unparalleled professional service from its highly trained service technicians. The Company is headquartered in Orange County, California.
“We are excited to partner with Leland and his team of industry veterans who are poised to lead the newly combined business in its next phase of growth,” said Randall Fojtasek, Managing Partner of CenterOak. “The combination of Service Champions and Moore Home Services offers a compelling opportunity to form the leading provider of 100% maintenance and repair services in a large and fragmented market. The Company is well positioned to continue its growth trajectory and we look forward to helping the Company continue to execute on their growth strategies both organically and with strategic acquisitions.”
“We are pleased to partner with the team at CenterOak, who share our commitment to professional customer service,” said Leland Smith, Chief Executive Officer of Service Champions and of the newly combined entity. “CenterOak’s experience and track record stood out to us and we believe their strategic approach can help grow our residential service offerings and footprint. CenterOak brings the resources and capital to support our next chapter of organic growth and to make strategic acquisitions.”
Greenberg Glusker Fields Claman & Machtinger LLP served as legal counsel to Service Champions. Gibson, Dunn & Crutcher LLP served as counsel to CenterOak.
About Service Champions
Headquartered in Orange County, CA, Service Champions is a provider of essential residential service and replacement services including air conditioning repair and replacement, plumbing, solar and electrical services. Service Champions and Moore Home Services serve over 21,000 customers providing non-discretionary maintenance and repair services. For more information, please visit www.servicechampions.com or www.moorehomeservices.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing over $4.1 billion in transaction value. For additional information, please visit www.centeroakpartners.com.