BCI Leads Significant Investment in Authority Brands
Summary
and VICTORIA, BC, Sept. 20, 2022 /PRNewswire/ -- Authority Brands, a residential services franchising platform in North America, today announced that British Columbia Investment Management Corporation ("BCI"), one of the largest institutional investors in Canada, has agreed to acquire a significant minority stake in the company, alongside funds advised by Apax Partners LLP ("Apax Funds"), which will retain majority ownership.Authority Brands is the premier home service franchisor in North America. Authority Brands companies include 12 leading home service franchisors: Americas Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration and Woofies. "We continue to see significant room for growth by Authority Brands and are pleased to join with BCI and members of the leadership team in the next phase of the companys journey as they extend their platform through M&A, and strategic initiatives including franchise development, technology transformation and international expansion. ""We could not be more pleased than to continue to build the premier residential services franchisor in partnership with Apax and BCI," said Craig Donaldson, Chief Executive Officer of Authority Brands. The transaction is expected to be completed in Q4 2022, subject to customary closing conditions.Apax was advised by Harris Williams, Boxwood Partners, William Blair & Company, Moelis & Company (financial advisors), Kirkland & Ellis, Simpson Thacher & Bartlett, DLA Piper, and Lathrop GPM (legal counsel), and Ernst & Young (financial and tax advisor).British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022.