ENCINO, Calif.--(BUSINESS WIRE)--SERVPRO® Global DRT, an Orangewood Partners portfolio company and a leading SERVPRO franchisee and provider of residential and commercial property cleaning, restoration, and reconstruction services (the “Company”), today announced the acquisition of Live Oak Restoration (“Live Oak”), a SERVPRO® franchisee headquartered in Charleston, South Carolina. Terms of the transaction were not disclosed.
Founded by CEO Brian Turpin, Live Oak services local markets and supports large national accounts across the country with a full suite of turn-key restoration and reconstruction services. In partnering with Live Oak and Mr. Turpin, SERVPRO® Global DRT plans to leverage its expertise in scaling SERVPRO® franchisees to the Charleston market as well as grow the national restoration and reconstruction business. The new location will create an east coast hub broadening the Company’s geographic reach, further enhancing its ability to service national accounts.
As part of the transaction, Mr. Turpin will continue to oversee the National Accounts as President of National Accounts for the combined franchises.
Alan Reed, Co-Founder and CEO of SERVPRO® Global DRT, said, “We couldn’t be more excited to partner with Brian and the Live Oak team. Brian has cultivated a culture of excellence at Live Oak that exemplifies what we strive for at SERVPRO Global DRT – unmatched commitment to providing world-class support to our customers in their time of need.”
Mr. Turpin added, “I’ve long admired the business and work ethic Alan and his talented co-founders Manny Corral and Darryn Barber have developed at SERVPRO® Global DRT. I’m excited to collaborate with them and build upon the foundation our team has created at Live Oak as the partner of choice for large national real estate owners and operators, providing best-in-class service across restoration and reconstruction.”
The acquisition follows Orangewood Partners’ (“Orangewood”) investment in SERVPRO® Global DRT in December 2023.
Eric Engler, Managing Director of Orangewood, said, “We are thrilled for Live Oak to be our first acquisition under the SERVPRO® Global DRT banner. Brian and his team bring a host of complementary skills that we expect to help accelerate organic growth within the business. We appreciate the support from the SERVPRO corporate team throughout the acquisition process and are excited to continue to build a leading national player in the SERVPRO system.”
Blume Partners served as legal advisor to Live Oak. Greenberg Traurig LLP served as legal advisor to the Company and Orangewood. Diameter Capital Partners provided debt financing for the transaction.
About SERVPRO® Global DRT
SERVPRO® Global DRT provides 24/7 service for emergency services (fire, water, mold, biohazard, asbestos), construction services, and storm response.
About Live Oak Restoration
Live Oak Restoration is a single-territory operator based in South & West Charleston, providing 24/7 service for emergency services (fire, water, mold, biohazard, asbestos), construction services, and storm response. In addition to servicing the local South Carolina market, Live Oak has a specialty in servicing large national accounts across the U.S.
About SERVPRO
Founded in 1967 by the Isaacson family, SERVPRO is a leading national franchisor of residential and commercial fire and water damage restoration services. Since its founding, SERVPRO has now grown to over 2,100 franchisees in the United States and Canada. In 2019, investment funds affiliated with Blackstone acquired a majority stake in SERVPRO as part of its Core Private Equity strategy, which is designed to hold investments for longer periods of time than traditional private equity.
About Orangewood Partners
Founded in 2015, Orangewood Partners is a New-York-based private investment firm with a long-term approach. Orangewood targets control investments in lower-middle market, founder-led, family-owned businesses in non-cyclical and fragmented industries within business services and consumer services. Orangewood has a particular emphasis on the franchise, multi-unit, health & wellness, and human capital sectors. Orangewood’s dedicated team, along with its network of operating partners and advisors, is critical to the execution of its thematic approach to investing. Orangewood works to build companies into strategic assets in their industries to create long-term value for investors, companies, and communities. Orangewood typically invests between $25M and $100M of equity, targeting businesses with EBITDA ranging from $10M to $25M at entry. For more information, please visit www.orangewoodpartners.com.
