HVAC market holding company Dwyer Group sold
Franchise company the Dwyer Group has been purchased by private equity firm the Riverside Co.
Terms were not disclosed.
The Waco, Texas-based Dwyer Group is a holding company for seven residential and commercial franchises, including Mr. Electric, Mr. Rooter, the Grounds Guys and HVAC service brand Air Serv. Worldwide, the Dwyer Group’s network includes 1,600 franchisees and accounts for almost $1 billion in revenue, officials say.
This is the second time Riverside has purchased the Dwyer Group. It purchased the company in 2003 and expanded operations before selling it to TZP Group in 2010.
This time, Riverside bought Dwyer with what officials called “a major investment” from Dwyer executives and each brand’s president. Dwyer’s executive leadership will remain in place, officials said.
“We’re extremely excited to welcome the Dwyer Group back to the Riverside Co. and to become involved once again with franchisees and associates dedicated to a strong code of values,” said Sarah Roth, a partner based at Riverside’s Dallas office. “The executive team remains fully committed to the business, and the Dwyer Group service brands are well positioned for more expansion.”
Sam Katz, managing partner at TZP, said his firm was proud of what it had accomplished with the Dwyer Group.
“The Dwyer transaction has been a very successful one for TZP reflecting the very essence of our firm’s strategy of being the partner of choice for management teams,” Katz said. “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.”
Katz was referring to Dina Dwyer-Owens, Dwyer’s executive chairwoman. She called TZP a tremendous partner for more than three years.
“I commend our talented and dedicated team members and their commitment to the Dwyer Group code of values that has served as our roadmap as we’ve traveled a journey of unprecedented growth,” she said.
Mike Bidwell, Dwyer Group CEO and president, agreed.
“By focusing on our core brands and service to our franchisees, we have enjoyed incredible success that continues to this very day, and that success has been noticed for all the right reasons,” he said.