MPK Equity Partners and Princeton Equity Group has made an investment in Waco, Texas-based Restoration 1, a property restoration company and sister brand Bluefrog Plumbing + Drain, a plumbing franchise. No financial terms were disclosed.
WACO, Texas, April 29, 2020 /PRNewswire/ — Restoration 1 and bluefrog Plumbing + Drain today announced a strategic investment by MPK Equity Partners and Princeton Equity Group. The deal marks an investment with the award-winning property restoration company and its sister brand, a growing plumbing franchise, at a time when essential businesses continue to grow in the recession-resistant sectors they serve. Terms of the deal were not disclosed.
Based in Waco, Texas, Restoration 1 has rapidly expanded to nearly 300 locations open and in development across the U.S. to become one of the fastest-growing brands in the $210 billion property restoration industry. bluefrog Plumbing + Drain, which was added in 2017, has begun growing to new territories and states in addition to awarding the first co-branded franchise locations to Restoration 1 franchisees in 2019 as well.
“This extraordinary partnership is a testament to the strength of our brands, the industries where we operate, and our confident abilities to take things to the next level in the service trades,” said Gary Findley, CEO of Restoration 1 and bluefrog. “We’ve established an incredible track record for our franchise networks, and MPK and Princeton are outstanding investors to support our aggressive plans for continued growth.”
“We are incredibly excited to partner with Gary Findley and the rest of the management team to build on the solid foundation they have created and to continue to grow both companies,” said Doug Kennealey, Managing Partner of MPK and Princeton. “Our focus will be to continue serving both R1 and bluefrog customers and franchisees to allow them to strengthen and elevate the performance of their businesses.”
The investment thesis also includes plans to build or acquire complementary home services brands.
Findley, who has grown several franchise networks across the country and around the world, has elevated the Restoration 1 brand to repeat honors in record time, including: Entrepreneur’s annual Franchise 500 ranking and fastest-growing franchises, the Franchise Times 2019 Fast & Serious awards and Top 200 list, the Inc. 5,000 list and Franchise Dictionary magazine’s 2019 Game Changers award.
About MPK Equity Partners
MPK Equity Partners is a Dallas, Texas-based private investment firm which takes a targeted, thematic approach to partnering with exceptional entrepreneurs and executives to invest in growing, profitable companies in the consumer, tech-enabled business services, energy, education, healthcare, and specialty distribution / manufacturing sectors. For more information, visit www.mpkequitypartners.com.
About Princeton Equity Group
Princeton Equity Group is among the most experienced franchisor and multi-unit investors in the United States and exclusively invests in leading franchisor and multi-unit companies. Princeton views each investment as a long-term, supportive business partnership with founders and management teams to help build companies of extraordinary value. The principals at Princeton have sponsored investments in some of the most admired, growth-oriented franchisors including Massage Envy, European Wax Center, Sola Salon Studios, and Urban Air. For more information, visit www.princetonequity.com.
About Restoration 1®
Founded in 2008, Restoration 1 is an award-winning franchise that specializes in a wide array of emergency mitigations, restoration and reconstructions services. An industry innovator, the Texas-based company uses advanced technologies and tools to perform restoration for both residential and commercial properties that have been damaged due to water, smoke, fire, mold, storms and more. There are nearly 300 locations open and in development throughout the U.S. with plans to expand to more than 500 locations nationwide in the next three years. Restoration 1 has earned numerous rankings from Entrepreneur and is featured in “12 Amazing Franchise Opportunities – Second Edition” by franchise expert Dr. John Hayes. For more information about Restoration 1, visit http://www.restoration1.com.
About bluefrog Plumbing + Drain®
Founded in 2014, bluefrog Plumbing + Drain has been recognized as a trusted name in plumbing repair and installation for years. The Texas-based company has a focus on helping each franchise partner build profitable fleet of service vehicles in their local markets bluefrog’s franchise partners are supported by an executive team with decades of experience in both the plumbing and franchise industries. For more information, visit www.bluefrogplumbing.com.