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Updated RecentlyFunds advised by Apax Partners acquire Authority Brands
Monday, September 24, 2018
Authority Brands, LLC is the parent company of two leading home service franchisors, The Cleaning Authority and Homewatch CareGivers.
The acquisition by the Apax Funds will help the company accelerate its growth, both organically and through strategic acquisitions, as it looks to expand internationally and offer additional services. It also presents digitization opportunities as Apax intends to leverage its significant experience in this area to help Authority Brands provide enhanced software, digital marketing and systems to support its franchise partners. Under the terms of the acquisition, Authority Brands' management team, led by Chief Executive Officer Rob Weddle, will remain in place. Rob Weddle, CEO of Authority Brands, said: "We are very excited about the experience and depth the Apax team brings to this new partnership.
Authority Brands has a vision to become the leading franchisor of home services by providing unparalleled business ownership opportunity to its franchisees and delivering first-class service to consumers.
We are confident Apax shares in this vision and expect a bright future for Authority Brands." Ashish Karandikar, Partner at Apax Partners, said: "We have been attracted to the home services market for some time, due to its size, fragmentation and attractive growth rate. We have been impressed by Authority Brands' established franchise network, experienced management, and strong track record of growth. "We look forward to working with management and all franchise partners to accelerate growth, both organically and through M&A, as well as to leverage Apax's significant experience in international expansion and digitization."
About Authority Brands
Headquartered in Columbia, Maryland, Authority Brands, LLC is the parent company of two leading home service franchisors, The Cleaning Authority and Homewatch CareGivers. Together, these brands provide recurring home services through more than 300 franchise locations in the U.S., Canada and Latin America. Authority Brands is dedicated to supporting individual franchisee growth through providing strong marketing, technology and operational support.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
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The Cleaning Authority
7230 Lee DeForest Dr., #200
Columbia,
MD
Phone: 866-281-6243
Fax: (866)685-6243