Eagle Merchant Partners (EMP), an Atlanta-based private equity firm specializing in franchise and multi-unit businesses, has acquired a majority stake in Sam the Concrete Man (SamCo), the largest residential concrete services franchisor in the United States.
SamCo is a franchised provider of driveway and sidewalk repair, patio installations, and other residential concrete projects. Its franchisees receive a suite of administrative support services, including a centralized call center for lead generation and scheduling.
Founded in 1989 by Sam Wilkins as a traditional concrete business, SamCo was sold to CEO Todd Stewart in 2007. Under Mr. Stewart’s leadership, the company expanded its operations and launched its franchise model in 2019. Today, the Denver-headquartered SamCo has over 80 franchise units across 30 states.
“We’re excited to partner with Eagle Merchant Partners to accelerate our growth,” said Mr. Stewart. “Their experience in franchising and multi-unit businesses makes them the perfect partner as we continue to scale our operations and explore new ways to serve our customers. This investment will help us take SamCo to the next level, expanding our footprint and enhancing the support we provide to our franchisees.” As part of the acquisition, Mr. Stewart will remain CEO and retain an equity interest in partnership with EMP.
The U.S. residential concrete services market is highly fragmented, with numerous regional players but no national leader. According to industry analysts, this $30 billion sector is set for steady growth, driven by continued residential construction and increased home improvement projects. As homeowners invest in renovations, companies like SamCo are well-positioned to benefit from these trends.
EMP has a strong track record in franchise business investments, focusing on expanding franchise networks, increasing brand recognition, and broadening service offerings. The firm’s portfolio of seven companies includes other notable franchise concepts, such as Code Ninjas, a Texas-based provider of computer coding education for children; a North Carolina-based provider of cleaning and sanitation services for restaurants, convenience stores, and institutional clients; and TCB Franchising, a Tennessee-based provider of home and commercial services under the AmeriSpec Inspection Services, Furniture Medic, and Renew Medic brands.
“SamCo has developed a best-in-class franchise model in a strong end market with substantial runway for expansion,” said Zack Taylor, a principal at EMP. “Our partnership with Todd and his team will allow us to scale SamCo’s franchise network, drive brand recognition, and explore additional services that align with the company’s core strengths.”
Based in Atlanta, EMP invests in franchise, consumer, and industrial companies primarily in the Southeastern United States. The firm targets companies with revenues of $20 million to $200 million and EBITDA between $2 million and $20 million.
In July 2023, EMP exceeded its fundraising target with the close of Eagle Merchant Partners I LP, raising over $265 million in capital.
© 2024 Private Equity Professional | October 29, 2024
Nautic Partners has announced the close of its latest fund, Nautic Partners XI LP (“Fund XI”), with $4.5 billion in limited partner commitments, surpassing its initial target of $3.75 billion.
“We are humbled by and incredibly grateful to all of our limited partners for their support of Nautic,” said Scott Hilinski, a managing director at Nautic. “We believe our success and growth is due to our ability to consistently execute our investment strategy while maintaining our culture. This is made possible by our team and our executive network, but also by our relationships with our limited partners, who have made important contributions to our success throughout the years.”
“The substantial demand that Nautic received for Fund XI in this highly competitive fundraising market really speaks to the caliber of their team and to their differentiated investment strategy,” commented Alexander Russ, a senior managing director at 
Among Nautic’s recent acquisitions is 
L2 Point Management has announced the closing of its first structured equity fund, L2 Point Opportunities Fund I LP (“Fund I”), with $312 million in capital, exceeding its target. Combined with an additional $148 million raised through Fund I co-investment vehicles, the firm’s total capital raised reaches $460 million.
“Late-stage growth companies today are faced with a dilemma: sell equity in their business and incur permanent and costly dilution, or take on operationally restrictive debt,” said Ms. Dittmar. “At L2 Point, we seek to provide a better, alternative solution that enables companies to minimize dilution while continuing to invest in attractive growth opportunities. In the current market environment, where companies are staying private for longer and valuations are resetting, we believe an exceptional opportunity exists to serve as a partner of choice to management teams navigating the challenges and possibilities of today and tomorrow. We are grateful for the support of our limited partners, who see the value of our differentiated structured equity strategy.”
Canaccord Genuity has announced the addition of Lance Maerov to its U.S. investment banking team as a managing director within the technology, media, marketing, and information services (TMMIS) group.