Investment reinforces Altamont’s leadership in multi-unit consumer sector
PALO ALTO, Calif., May 31, 2022 /PRNewswire/ — Altamont Capital Partners (“Altamont”) today announced the acquisition of Service Minds, a leading provider of electrical, plumbing and HVAC services based in Sarasota, Florida. Owned and operated by David Connelly Since 2014, Service Minds has been a major franchisee of the Mister Sparky system since its inception and also operates today in One Hour Heating & AC and Benjamin Franklin Plumbing systems, serving the Southeastern United States in all three professions.
The Service Minds transaction represents Altamont’s latest investment in multi-unit franchisees, following its successful investments in Tacala and Excel Fitness, major franchisees of Taco Bell and Planet Fitness systems, respectively. Similar to the approach to these investments, Altamont plans to invest heavily in the Service Minds team and infrastructure to drive growth and strengthen the company’s reputation for operational excellence.
“Service Minds holds great growth potential with a strong business model that provides essential services, offers industry-leading customer service, has developed world-class training and learning programs, and offers exciting career development opportunities. to his team members,” said Kevin Mason, CEO of Altamont. “David has built an impressive playbook and a strong team that now enables us to scale the business into additional branches and service offerings, membership recruitment and retention, organic sales drivers and mergers and acquisitions within franchise systems.”
At the time of the acquisition, Service Minds was the largest franchisee of the Mister Sparky brand, a leading provider of residential electrical services. Along with Altamont’s investment, Service Minds acquired several franchisees operating under the One Hour Heating & AC and Benjamin Franklin Plumbing brands. Along with Mister Sparky, both brands operate as part of the Authority Brands portfolio of home service businesses. The transaction creates one of the largest providers of residential electrical, heating and cooling, and plumbing services in the Southeastern United States. Service Minds currently operates over 20 sites across Florida and Alabama.
Go forward, David Connelly will remain a shareholder and assume the functions of executive chairman of the board of directors. Service Minds has also already added a number of seasoned senior executives to the business to support the scaling of the business, including the CEO Brannan Lahodawho was previously senior vice president of operations at Driven Brands, and chief financial officer Magda Farrenwho served as chief financial officer at WS Badcock Corporation and Colorado Boxed Beef Company, a former Altamont Capital portfolio company. David Cox joined the company as Director of Growth, having served as CEO of About Time Management, a One Hour Heating & AC franchisee and Benjamin Franklin Plumbing acquired by Service Minds.
“The leaders we have recruited, as well as the continued guidance of David Connellywill make a strong business even stronger,” Randall Reason, said the general manager of Altamont. “Service Minds has a history of providing top-notch training, mentoring, company culture and incentives to its talented team members and we strive to continue this tradition.”
“I am thrilled to work with such a talented team as we strive to make Service Minds the employer of choice for industry professionals in the electrical, HVAC and plumbing fields,” said added Lahoda. “Going forward, we are first and foremost focused on providing the best customer service and employee experience and plan to bring our services to more branches, more southeastern states. and more residential service lines.”
Terms of the transaction were not disclosed. Boxwood Advisors acted as exclusive financial advisor, and Ropes & Gray and Morrison & Foerster acted as legal advisors to Altamont in connection with the transaction. Truist Securities acted as exclusive financial advisor and Shumaker, Loop and Kendrick, LLP acted as legal advisor to Service Minds. Financing for the transaction was provided by Varagon Capital Partners, LP, Stellus Capital Management, LLC and Principal Alternative Credit.
About Service Minds
Service Minds is headquartered in Sarasota, Florida, where it was founded in 2007 as the sole site of Mister Sparky. The company grew from one Mister Sparky branch in 2014 to 13 branches in April 2022 before acquiring several franchisees in One Hour Heating & AC and Benjamin Franklin Plumbing systems. Service Minds currently operates over 20 sites across Florida and Alabamacurrently serving the Authority Brands system brands, one of the leading franchisors of home services.
About Altamont Capital Partners
Altamont Capital Partners is a private equity firm based in the San Francisco Bay Area with over $4.5 billion of assets under management. Altamont focuses on investing in middle-market companies where it can partner with top-tier management teams to help its portfolio companies reach their full potential. Company leaders have significant experience in building business success across a range of industries, including healthcare, business services, financial services, consumer/retail and industrials.
CONTACT: Greg Blair, [email protected]
SOURCE Altamont Capital Partners