TZP Capital Partners Completes Acquisition
of The Dwyer Group
December 28, 2010
TZP Capital Partners I L.P., a private equity fund based in New York, has completed its acquisition of The Dwyer Group Inc., parent company of the Glass Doctor and other franchises. The transaction, valued at $150 million, closed December 23.
The Dwyer Group, based in Waco, Texas, serves as a holding company for seven residential and commercial franchise service brands. The franchise network includes over 1,500 franchisees operating in the United States and seven other countries. In addition to its franchise concepts, Dwyer also owns and operates 37 full-service glass stores in Maine, Vermont, and New Hampshire. Dwyer's franchisees along with its company-operated stores account for nearly $800 million in annual system-wide revenues.
"This begins an exciting new chapter for The Dwyer Group as we prepare to celebrate our 30th anniversary in the New Year and the opportunities that await us," says Dina Dwyer-Owens, chairperson and chief executive officer of The Dwyer Group. "Our partnership with TZP is the perfect collaboration to take our business to the next level, to further support our rapidly expanding franchise family, and to investigate additional franchise concepts to add to our growing company."
"We are pleased to successfully complete today this milestone in The Dwyer Group/TZP partnership," says Sam Katz, managing partner of TZP Group LLC. "The past few months have clearly demonstrated to us the strength and quality of the brands and people that make up The Dwyer Group as well as the foundation that exists for significant sustained growth into the future. We are excited to enter this next phase in our relationship and proud to be affiliated with a company that is an important engine of job creation and entrepreneurship."
The completed purchase transferred majority ownership from The Riverside Company to TZP along with a significant reinvestment from The Dwyer Group executive team, and a new investment from each brand president within The Dwyer Group of companies. Calling The Riverside Company a tremendous partner for The Dwyer Group over the years, Dwyer-Owens says the successful relationship set the stage for the next bold step forward with a private equity investor.
The Dwyer Group's executive team will remain in place and the company name will not change.