LBC Small Cap, an affiliate of LBC Credit Partners, has provided credit facilities to back Premium Service Brands’ acquisition of House Doctors, a handyman franchise. LBC was agent and sole lead arranger on the financing.
RADNOR, Pa., Oct. 11, 2021 /PRNewswire/ — LBC Small Cap, an affiliate of LBC Credit Partners, provided senior secured credit facilities to Premium Service Brands (“PSB” or the “Company”), a Charlottesville, VA based multi-brand franchisor and portfolio company of Susquehanna Private Capital (“SPC”). The investment supported PSB’s acquisition of House Doctors, a 36-unit handyman franchise.
LBC served as Agent and Sole Lead Arranger for the senior secured credit facilities.
The House Doctor franchise, which was previously owned and operated by Saltire Brands, LLC, will join Premium Service Brands’ impressive roster of integrated home service concepts that includes kitchen remodeling brand Kitchen Wise, painting brand 360° Painting, cleaning brand Maid Right, outdoor surface cleaning brand Renew Crew, home repair brand Handyman Pro, junk removal franchise Rubbish Works, garage door services brand ProLift Garage Doors and recently-acquired tile and grout cleaning franchise The Grout Medic.
“We are thrilled to help finance the addition of the House Doctors concept to Premium Service Brands’ portfolio,” said Mark Tyson, Managing Director at LBC Small Cap.
LBC Small Cap partnered with Modern Bank to provide the senior secured credit facilities.
Modern Bank provides cash flow based senior debt and unitranche financing to private equity, independent sponsor and entrepreneur backed companies across the lower and middle markets. They have a strong track record of delivering tailored solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth capital to companies across a diverse set of sectors including manufacturing, distribution, business services, logistics, and healthcare services.
Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.
About LBC Small Cap
LBC Small Cap is focused on originating, executing and managing senior secured, unitranche, junior debt, structured equity and equity co-investments in U.S.-based lower middle market companies. The LBC Small Cap team looks to deploy capital to support funded sponsors, independent sponsors, and family-owned businesses across a broad array of industries.
About LBC Credit Partners
LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, we have provided in excess of $8.2 billion to over 279 issuers throughout our 17-year history.* To learn more, visit www.lbccredit.com. *Information as of June 30, 2021.
About Premium Service Brands
Headquartered in Charlottesville, VA, Premium Service Brands (PSB) is the leader in home services franchise opportunities. Recently acquiring Renew Crew in January 2020, Rubbish Works in November 2020, and The Grout Medic and House Doctors in September 2021, the other brands under the PSB umbrella include 360º Painting, ProLift Garage Doors, Handyman Pro, Maid Right and Kitchen Wise. These home improvement industry brands provide franchisees with comprehensive training and support for every step while viewing customer service as a way of life by also giving back to local communities through their nonprofit, Kids-Lift. Supporting kids and their families is crucial to PSB’s personal values to brighten and care for their communities.