Eagle Merchant Partners has acquired two home services franchisors with the buys of Furniture Medic and AmeriSpec from ServiceMaster Brands, a portfolio company of Roark Capital.
Memphis-headquartered Furniture Medic is a franchise-based company that provides furniture, wood, and cabinet restoration and repair services within the disaster restoration, insurance claims, commercial and residential sectors. The business specializes in furniture and wood repair and restoration for antiques, millwork, paneling, banisters, cabinetry, mantels, hardwood floors, and some upholstery.
According to Furniture Medic, it is one of the world’s largest wood repair and restoration businesses with over 500 independently owned and operated locations worldwide.
Furniture Medic was founded in 1992 by Joe Lunsford and acquired by ServiceMaster in 1996. In 2007, ServiceMaster and its brands were acquired by Clayton, Dubilier & Rice. Later, in 2020, Roark Capital acquired ServiceMaster Brands – including the ServiceMaster Restore, ServiceMaster Clean, Merry Maids, Furniture Medic, and AmeriSpec brands – for $1.5 billion.
Memphis-headquartered AmeriSpec is a franchise-based company that provides inspection services to residential and commercial customers. The company’s inspectors evaluate the physical condition of a property and provide a detailed report on its major systems and components, including plumbing, electrical, heating, and cooling systems, roofing, and structural elements.
AmeriSpec also provides environmental testing services for issues such as radon, mold, and lead-based paint. AmeriSpec currently has more than 180 independently owned and operated locations in the United States and Canada.
“We are excited about the focus and expertise Eagle Merchant Partners brings to both Furniture Medic and AmeriSpec,” said Chris Gammill, CEO. “We look forward to working together to execute our growth strategy. Eagle aligns well with our culture and the values that have defined these brands historically. We feel honored to have them partnering with us.”
“We are pleased to partner with the Furniture Medic and AmeriSpec teams as they continue to provide reliable, accurate, and comprehensive cabinet and furniture restoration and building inspection services to even more customers across North America and the UK,” said Zack Taylor, a vice president at Eagle. “Homeowners and insurance companies are looking for value and great service. We look forward to leveraging our consumer sector expertise and operational resources to support Furniture Medic and AmeriSpec’s next phase of growth.”
With the buys of Furniture Medic and AmeriSpec, Eagle has now completed seven investments in the consumer services industry.
Eagle Merchant Partners invests in franchise, consumer, and industrial companies that are located primarily in the Southeastern United States. The firm’s typical targets have revenues of $20 million to $200 million and EBITDA of $3 million to $30 million.
© 2023 Private Equity Professional | April 27, 2023
