Blackstone and SERVPRO Reach a Deal

6/18/2019 (Permalink)

SERVPRO and Blackstone (NYSE:BX) announced today that private equity funds managed by Blackstone (“Blackstone”) have recapitalized SERVPRO, a leading franchisor of residential and commercial property damage restoration services. Blackstone is acquiring a majority stake in SERVPRO as part of Blackstone’s Core Private Equity strategy, which is designed to hold investments for longer periods of time than traditional private equity. The Isaacson family will be re-investing alongside Blackstone and will continue to be significant shareholders in the business going forward.  Financial terms of the transaction were not disclosed.

Founded in 1967 by the Isaacson family, SERVPRO is a leading national franchisor, providing services in both residential and commercial property mitigation, restoration and reconstruction following damage related to water, fire, mold or storm activity. Since its founding, SERVPRO has now grown to over 1,700 franchisees in the United States and Canada. 

Rick Isaacson, SERVPRO CEO, said, “We are thrilled about this long-term investment from Blackstone and the strategic benefits its global platform can provide the company, our franchisees, and our customers. SERVPRO was founded over 50 years ago with the vision of becoming the premier cleaning and restoration company, and we believe this partnership with Blackstone is a vital next step towards this goal.”