BCI Leads Significant Investment in Authority Brands

COLUMBIA, Md. and VICTORIA, BC, Sept. 20, 2022 /PRNewswire/ — Authority Brands, a residential providers franchising platform in North America, at the moment introduced that British Columbia Investment Management Corporation (“BCI”), one of many largest institutional traders in Canada, has agreed to accumulate a big minority stake in the corporate, alongside funds suggested by Apax Partners LLP (“Apax Funds”), which is able to retain majority possession. 

Authority Brands is the premier residence service franchisor in North America. Its household of residence service franchise manufacturers are leaders in their business, offering householders with providers from the property line to the roof line. Authority Brands’ firms embrace 12 main residence service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these manufacturers present residence providers by roughly 860 franchise house owners throughout North America.

Since the Apax Funds’ preliminary funding in 2018, Authority Brands has grown from two residence service franchisors to the present 12, increasing into new geographies and providers and constructing out a strong infrastructure.

“We are proud to have partnered with the Authority Brands team to help build, both organically and through strategic acquisitions, a leading residential services franchising platform,” stated Ashish Karandikar, Partner at Apax. “We continue to see significant room for growth by Authority Brands and are pleased to join with BCI and members of the leadership team in the next phase of the company’s journey as they extend their platform through M&A, and strategic initiatives including franchise development, technology transformation and international expansion.”

“As a long-term investor, we seek to invest in market-leading companies with strong management teams, multiple levers for growth, and resilient business models that create shareholder value, such as Authority Brands,” stated Dave Hong, Senior Managing Director, Private Equity at BCI “We look forward to working with Authority Brands and Apax to generate compelling risk-adjusted returns for our pension plan and insurance fund clients.”

“We could not be more pleased than to continue to build the premier residential services franchisor in partnership with Apax and BCI,” stated Craig Donaldson, Chief Executive Officer of Authority Brands. “Both partners will add substantial value as we aim to capture further share in the highly fragmented home services market, including by evaluating M&A opportunities in new service verticals.”

Financial phrases of the transaction weren’t disclosed. The transaction is predicted to be accomplished in This autumn 2022, topic to customary closing circumstances.

Apax was suggested by Harris Williams, Boxwood Partners, William Blair & Company, Moelis & Company (monetary advisors), Kirkland & Ellis, Simpson Thacher & Bartlett, DLA Piper, and Lathrop GPM (authorized counsel), and Ernst & Young (monetary and tax advisor).

British Columbia Investment Management Corporation (BCI) is amongst the biggest institutional traders in Canada with C$211.1 billion below administration, as of March 31, 2022. Based in Victoria, British Columbia, with places of work in Vancouver and New York City, BCI is invested in: fastened revenue and personal debt; private and non-private fairness; infrastructure and renewable sources; in addition to actual property fairness and actual property debt by our independently operated platform firm QuadReal Property Group. With our international outlook, we search funding alternatives that convert financial savings into productive capital that can meet our purchasers’ threat and return necessities over time.

BCI’s non-public fairness program actively manages a C$24.8 billion international portfolio of privately held firms and funds with long-term development potential. Leveraging our sector-focused groups in business providers, shopper, monetary providers, healthcare, industrials, and expertise, media and telecommunications, we work with strategic non-public fairness companions to supply and handle direct and co-sponsor/co-investment alternatives.

For extra info, please go to bci.ca.

Apax Partners LLP (“Apax”) is a number one international non-public fairness advisory agency. For almost 50 years, Apax has labored to encourage development and concepts that rework companies. The agency has raised and suggested funds with mixture commitments of greater than $60 billion. The Apax Funds make investments in firms throughout 4 international sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds present long-term fairness financing to construct and strengthen world-class firms. For extra info see: www.apax.com.

Apax Partners is authorised and controlled by the Financial Conduct Authority in the UK.

Authority Brands is the premier residential providers franchising platform offering providers from the property line to the roof line. Authority Brands’ firms embrace 12 main residence service franchisors: America’s Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofie’s. Together, these manufacturers present residence providers by roughly 860 franchise house owners throughout North America. Authority Brands, which is headquartered in Columbia, Maryland, is devoted to supporting particular person franchise proprietor development with a full suite of selling, expertise, and operational assist, permitting them to concentrate on offering distinctive service to householders. Please go to www.authoritybrands.com for extra info.

Contacts:

For Authority Brands

Heather McLeod / 410-794-1430 / [email protected]

For Apax

Luke Charalambous / +44 20 7872 6494 / [email protected]

For BCI

Gwen-Ann Chittenden / +1 778 410 7310 / [email protected]

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