Expenditure Furthers Altamont’s Multi-Device Consumer Sector Management
PALO ALTO, Calif., Might 31, 2022 /PRNewswire/ — Altamont Capital Companions (“Altamont”) today announced the acquisition of Company Minds, a foremost supplier of electrical, plumbing and HVAC providers based mostly in Sarasota, Florida. Owned and operated by David Connolly given that 2014, Assistance Minds has been a main franchisee in the Mister Sparky system given that its inception and nowadays also operates in the A person Hour Heating & AC and Benjamin Franklin Plumbing programs, servicing the Southeastern United States across all 3 trades.
The Services Minds transaction represents Altamont’s most current multi-unit franchisee investment decision, pursuing its prosperous investments in Tacala and Excel Fitness, foremost franchisees in the Taco Bell and Planet Physical fitness systems, respectively. Related to the method with those people investments, Altamont ideas to make investments intensely in the Company Minds team and infrastructure to travel development and further establish on the company’s reputation for operational excellence.
“Services Minds holds good opportunity for progress many thanks to a powerful company model that supplies crucial companies, provides business main customer support, has designed most effective-in-course coaching and apprenticeship plans, and provides thrilling career enhancement chances for its group customers,” mentioned Kevin Mason, Controlling Director of Altamont. “David constructed an impressive playbook and strong team that allow us to now scale the business enterprise to further branches and support offerings. We could not be extra energized to have an chance to associate with this staff and leverage our encounter driving advancement by infrastructure expense, crew member recruitment and retention, organic revenue motorists, and mergers and acquisitions within franchise methods.”
At the time of acquisition, Assistance Minds was the biggest franchisee of the Mister Sparky model, a primary company of household electrical companies. In conjunction with the expenditure by Altamont, Provider Minds acquired several franchisees working below the A single Hour Heating & AC and Benjamin Franklin Plumbing manufacturers. Together with Mister Sparky, each makes work beneath the Authority Manufacturers portfolio of home products and services businesses. The transaction produces one particular of the greatest providers of residential companies throughout the electrical, heating and cooling, and plumbing trades in the Southeastern United States. Service Minds now operates above 20 destinations throughout Florida and Alabama.
Heading ahead, David Connolly will keep on being a shareholder and provide as Govt Chairman of the board of administrators. Assistance Minds has also now additional a range of seasoned senior leaders to the business to guidance business enterprise scaling, which include CEO Brannan Lahoda, who formerly served as Senior Vice President of Functions at Driven Manufacturers, and CFO Magda Farren, who served as CFO at W.S. Badcock Corporation and Colorado Boxed Beef Business, a prior Altamont Cash portfolio business. David Cox joined the enterprise as Chief Growth Officer, having previously been CEO of About Time Management, a Just one Hour Heating & AC and Benjamin Franklin Plumbing franchisee obtained by Company Minds.
“The leaders we’ve brought in, alongside with continued guidance from David Connolly, will make a powerful company even much better,” Randall Eason, Running Director of Altamont claimed. “Service Minds has generally offered greatest-in-class education, mentorship, organization tradition, and incentives for its proficient workforce associates and we endeavor to proceed that custom.”
“I’m delighted to be doing the job with this sort of a proficient crew as we operate to make Services Minds the employer of selection for business specialists across the electric powered, HVAC, and plumbing trades,” Lahoda added. “Likely ahead, we are centered initial and foremost on delivering the absolute best shopper services and worker encounter and we system to carry our providers to more branches, extra states across the southeast, and far more household provider strains.”
Terms of the transaction were not disclosed. Boxwood Advisors acted as exceptional economic advisor, and Ropes & Grey and Morrison & Foerster served as authorized counsels, to Altamont on the transaction. Truist Securities acted as exceptional money advisor, and Shumaker, Loop and Kendrick, LLP served as legal counsel, to Support Minds. Financing for the transaction was presented by Varagon Money Partners, L.P., Stellus Money Administration, LLC, and Principal Option Credit.
About Service Minds
Assistance Minds is headquartered in Sarasota, Florida, where it was established in 2007 as a solitary Mister Sparky locale. The business grew from a single Mister Sparky branch in 2014 to 13 branches by April 2022 before obtaining various franchisees in the Just one Hour Heating & AC and Benjamin Franklin Plumbing systems. Support Minds at the moment operates more than 20 locations across Florida and Alabama, now servicing manufacturers in the Authority Brand names procedure, a major household services franchisor.
About Altamont Cash Associates
Altamont Cash Companions is a non-public expenditure business based mostly in the San Francisco Bay Area with additional than $4.5 billion of belongings underneath management. Altamont is targeted on investing in middle sector corporations the place it can spouse with primary management groups to aid its portfolio companies arrive at their complete opportunity. The firm’s principals have major encounter building small business achievements stories throughout a array of industries, which includes health care, enterprise expert services, economic services, consumer/retail, and industrials.
Get in touch with: Greg Blair, [email protected]
See primary written content to download multimedia:https://www.prnewswire.com/news-releases/altamont-money-companions-acquires-assistance-minds-a-leading-household-products and services-company-301557916.html
Supply Altamont Cash Partners