CenterOak Partners has acquired Service Champions, a provider of home maintenance and repair services, and combined it with its existing portfolio company Moore Home Services.
According to CenterOak, the merger of Service Champions and Moore Home Services creates one of the largest residential HVAC contractors across Southern and Northern California with more than 21,000 customers. CenterOak acquired Moore Home Services, a Santa Rosa, CA-based solar, heating and cooling contractor, in April 2019 from co-owners Curtis Moore and Jon Diamond (www.moorehomeservices.com).
Service Champions is a provider of non-discretionary residential repair and replacement services including air conditioning repair and replacement, plumbing, solar and electrical services.
The company was founded in 2000 by CEO Leland Smith and is headquartered in Orange County, CA (www.servicechampions.com).
Mr. Smith will lead the newly combined company as CEO and he will have a significant ownership stake. “We are pleased to partner with the team at CenterOak, who share our commitment to professional customer service,” said Mr. Smith. “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.”
“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.”
CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include industrial distribution and manufacturing, business services, and consumer. CenterOak is based in Dallas (www.centeroakpartners.com).
© 2019 Private Equity Professional | May 15, 2019
