Restoration 1 and bluefrog Plumbing + Drain get strategic investment
Restoration 1 and bluefrog Plumbing + Drain announced a strategic investment by MPK Equity Partners and Princeton Equity Group. The deal marks an investment with the award-winning property restoration company and its sister brand, a growing plumbing franchise, at a time when essential businesses continue to grow in the recession-resistant sectors they serve. Terms of the deal were not disclosed.
Based in Waco, Texas, Restoration 1 has rapidly expanded to nearly 300 locations open and in development across the U.S. to become one of the fastest-growing brands in the $210 billion property restoration industry. bluefrog Plumbing + Drain, which was added in 2017, has begun growing to new territories and states in addition to awarding the first co-branded franchise locations to Restoration 1 franchisees in 2019 as well.
“This extraordinary partnership is a testament to the strength of our brands, the industries where we operate, and our confident abilities to take things to the next level in the service trades,” said Gary Findley, CEO of Restoration 1 and bluefrog. “We’ve established an incredible track record for our franchise networks, and MPK and Princeton are outstanding investors to support our aggressive plans for continued growth.”
“We are incredibly excited to partner with Gary Findley and the rest of the management team to build on the solid foundation they have created and to continue to grow both companies,” said Doug Kennealey, managing partner of MPK and Princeton. “Our focus will be to continue serving both R1 and bluefrog customers and franchisees to allow them to strengthen and elevate the performance of their businesses.”
The investment thesis also includes plans to build or acquire complementary home services brands.
Findley, who has grown several franchise networks across the country and around the world, has elevated the Restoration 1 brand to repeat honors in record time, including: Entrepreneur’s annual Franchise 500 ranking and fastest-growing franchises, the Franchise Times 2019 Fast & Serious awards and Top 200 list, the Inc. 5,000 list and Franchise Dictionary magazine’s 2019 Game Changers award.