Funds advised by Apax Partners have announced the acquisition of Authority Brands, a Columbia-based North American franchisor of home services, from PNC Riverarch Capital. The financial terms of the transaction were not disclosed.
Founded in 1996 and headquartered in Columbia, Authority Brands is the parent company of two home services franchisors: The Cleaning Authority, which provides residential cleaning services to more than100,000 customers across the U.S.; and Homewatch CareGivers, which delivers at-home services including elderly, disabled and after-surgery care, as well as help for those living with dementia. Authority Brands operates over 300 franchises in the U.S., Canada and Latin America, supporting them to grow through the provision of marketing, technology and operational support.
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.
“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,” said Ashish Karandikar, partner at Apax Partners.