Clearwell Group has made an investment in Advanced Drying Systems, a provider of water damage restoration services.
Advanced Drying Systems (ADS) is headquartered in Tampa and provides water removal, dehumidification, and mold remediation services to homeowners, municipalities, and educational institutions located in Florida and Louisiana.
According to the company, it is the fastest growing and largest non-franchise provider of water removal and dehumidification services in Florida. ADS was founded in 2009 by Casey Weldon (www.adsdry.com).
“Casey Weldon built a tremendous business over the last decade that prides itself on quality service, delivered with high integrity,” said Ryan Cortner, a partner at Clearwell Group. “We are thrilled to work with Casey and the ADS team to continue to grow the business over the years to come.”
“I am so proud to have built a company that has helped so many people out of tough situations. I’m equally proud to partner with Clearwell Group,” said Mr. Weldon. “They are very focused on taking care of their employees and customers, which was very important to me as I looked to grow ADS to a higher level, reach more customers, and provide even more services,”
Clearwell Group financed this acquisition in partnership with Plexus Capital and Cadence Bank. “Plexus Capital is excited to partner with both Casey and Clearwell Group on the recapitalization of ADS,” said Mike Becker, a partner at Plexus. “We look forward to supporting the ADS team as the business continues to grow and provide exceptional experiences for its customers.”
Clearwell Group is a family office that makes control and minority investments in companies with more than $1 million of EBITDA that are located in the southeastern United States with a focus on the state of Florida. Sectors of interest include manufacturing, business services, healthcare, software, and financial services. Clearwell was founded in 2009 and is based in Tampa.
© 2019 Private Equity Professional | September 25, 2019
