City Capital Ventures Partners with SERVPRO of Saginaw to Form Great Lakes Restoration Group
July 24, 2023
CHICAGO--(BUSINESS WIRE)--City Capital Ventures, LLC (“CCV”), a private investment partnership headquartered in Chicago, Illinois, is pleased to announce its strategic investment and recapitalization of “SERVPRO of Saginaw” and related entities (the “Company”), a leading SERVPRO franchisee and provider of residential and commercial property restoration services, to form Great Lakes Restoration Group. The new entity will continue to do business as “SERVPRO of Saginaw”.
“This investment from CCV validates our team’s hard work and how far we’ve come in the past couple decades”
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Starting in 1997, Randy Miller was an early pioneer for the SERVPRO system and has become one of the largest and top franchises in the system over the last 25 years. Headquartered in Saginaw, Michigan, Randy and his wife, Tina Miller, have grown and acquired multiple territories in Michigan and Indiana and currently operate 17 licensed franchise territories.
The Company has been ranked amongst the system’s top franchises for the past 16 years, including top producer twice and 2019 Franchise of the Year. As one of SERVPRO’s prestigious Extreme Team franchises, a large portion of their business is providing support to other franchises – primarily on commercial losses and traveling the country for catastrophic events such as floods, tornadoes, and hurricanes.
Randy and Tina Miller will retain a significant stake in the Company and remain in active leadership roles.
SERVPRO, which is operated through more than 2,100 independently owned and operated franchises, has become the most-well recognized property restoration brand in North America. SERVPRO was acquired by investment funds affiliated with Blackstone in 2019 with a goal of continuing to support the brand’s growth in the remediation and restoration industry.
“SERVPRO of Saginaw, under Randy’s leadership, has demonstrated an exceptional ability to grow by expanding both its footprint and its services," noted Dan Kipp, Co-Founder and Managing Partner at CCV. "The Company has emerged as an undisputed leader within the SERVPRO system and across the growing and critical national restoration and remediation industry. We are incredibly excited to team up with the Millers and the SERVPRO family to continue to elevate the Company and its mission of providing dependable and timely service to property and business owners when they need it most.”
“This investment from CCV validates our team’s hard work and how far we’ve come in the past couple decades,” said Randy Miller, SERVPRO of Saginaw Founder, Owner, and CEO, “We eagerly anticipate partnering with CCV, tapping their multi-location and franchise expertise, and accelerating the Company’s next growth phase. We’re truly just getting started.”
SERVPRO President, Rick Forster, added “We are excited to welcome CCV into the SERVPRO system and believe their partnership with Randy Miller will help drive our brand to higher levels in the years ahead.”
Old National Bank and Texas Capital Bank provided debt financing for the transaction. Jones Walker LLP and Perkins Cole LLP served as legal counsel to CCV. Varnum LLP provided legal advice to SERVPRO of Saginaw and Calder Capital LLC served as the Company’s financial advisor.
About SERVPRO of SAGINAW
SERVPRO of Saginaw, founded in 1997 by Randy Miller and headquartered in Saginaw, Michigan, provides restoration & remediation services to residential and commercial customers across the Midwest and other regions of the U.S. The Company offers property damage restoration services including fire and water mitigation, mold and abatement, commercial cleaning, and reconstruction.
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 City Capital Ventures
City Capital Ventures is a lower middle market investment partnership based in Chicago, focused on investing on behalf of their exclusive network of family offices and private market investors in consumer, commercial and service businesses. CCV invests in growth buyouts of market-leading companies with exceptional leadership and attractive niche positions where it can provide capital and expertise to accelerate and sustain growth.
Contacts
Teddy King
[email protected]
312-546-8147