Waco-based Dwyer Group has been acquired by a New York-based private equity firm.
Harvest Partners, LP announced Monday in a press release funds managed by the private equity firm have completed a new investment in the Dwyer Group. The sale represents the fourth and largest private equity transaction for Dwyer Group.
Current President and CEO Mike Bidwell will continue to lead the Dwyer Group.
Partner at Harvest Nick Romano said the Dwyer Group is an exceptional franchise platform with multiple avenues for growth through the Neighborly brand and strategic acquisitions of new service brands.
“Harvest is excited to work with Mike and his management team in the next stage of their growth,” Romano said.
Dwyer Group supports 20 service brands with a franchise network including more than 3,200 franchisees operating in the United States and eight other countries. The combined businesses offer residential and commercial customers with a community of professional services and account for approximately $1.7 billion in annual system-wide revenues, the group said.
Bidwell spoke on behalf of the Dwyer Group’s Board Directors and leadership team. He said they expect to accelerate their growth and deliver strategies at an even higher level by joining Harvest Partners.
“Their capital, experience and enthusiasm will help Dwyer Group build on our dominant industry position to repair, maintain and enhance homes and properties and expand our Neighborly platform,” Bidwell said.
Harvest Partners said they are thrilled to partner with the Dwyer Group management team.
“They have built an excellent company and we look forward to providing additional financial and strategic resources to help them further build on their market leader status in the service franchise category,” Steve Eisenstein, Partner at Harvest Partners said.
The terms of the deal were not disclosed.
