Boxwood Partners continued its growth trajectory in 2023 as the premier advisor for middle-market clients across the franchising, residential services, commercial and industrial services, health and wellness, and business services sectors. Taking 17 deals across the finish line in 2023, the trusted boutique investment bank projects another banner year for M&A activity in 2024.
In addition to closing deals, Boxwood garnered multiple accolades and industry recognition, having been named a finalist by the M&A Advisor in its 22nd Annual M&A Advisor Awards and being included in The Axial Advisor 100 List, which identifies, verifies, and acknowledges the most highly regarded lower middle market sell-side M&A advisors.
Boxwood also solidified its role as a trusted advisor within the franchising industry, speaking at several franchising events, including the Franchise Times Dealmakers Week conference and the 11th Annual Springboard Franchise Event for Emerging and Re-Emerging Franchisors. In addition, Boxwood was recognized as winners of the 2023 Franchise Times Dealmakers Awards, which recognizes the leading players driving mergers and acquisitions in franchising, for its role in advising Junk King on its sale to Neighborly.
Due to the strong reputation Boxwood has built in the franchising space, Boxwood Partners Managing Partner J. Patrick Galleher was invited by the International Franchise Association (IFA) to speak on the panel: "Strategies for Scaling or Growing Your Business" at the 2024 IFA Convention in Phoenix, on Feb. 19 from 9 am-10 am MT.
"We're grateful for the continued confidence our clients have in our team to identify the right growth partners to take them to their next phase of growth, and provide them experienced guidance and top-quality service throughout the transaction process," Galleher said. "With inflation down, and employment and inflation-adjusted consumer spending up, and interest rates starting to fall, we're optimistic about continued positive momentum for M&A in 2024."
Boxwood advised on the following successful transactions in 2023:
Residential & Commercial Services (9)
Koala Insulation and Wallaby Windows to MidOcean Partners and Empower Brands: Koala Insulation is a nationally established franchise based in Melbourne, Florida, that provides high-quality insulation services. Wallaby Windows was launched in early 2022 as an emerging brand specializing in replacement windows and doors. Empower Brands is a multi-brand franchisor of premium commercial and residential services.
Fire Dawgs Junk Removal to North Branch Capital: Fire Dawgs Junk Removal provides residential, eco-friendly junk removal services in Indiana, Ohio, Kentucky, and Texas. North Branch Capital is a complete partner for growing, lower-middle market industrial businesses.
Trades Holding Company and Right Restoration to CPC: Trades Holding Company is a franchisee operator of Mr. Rooter (plumbing) and Mr. Electric (electrical) residential home servicing brands and operates Right Restoration - an independent restoration business solely focused on water damage. CPC is owned by large family offices and successful entrepreneurs that are collectively aligned around long-term decision making and wealth creation.
Partnership Between Rapp Operations & Franchise Equity Partners: Rapp Operations is the largest franchisee of Precision Garage Door Service, a Neighborly® company. Franchise Equity Partners is a private investment firm on a mission to create long-term partnerships with quality franchisees and franchisors.
The Brothers that just do Gutters to Evive Brands: Brothers Gutters is a rapidly growing franchisor with over 300 franchise territories offering comprehensive gutter solutions to residents and commercial customers. Evive Brands is a community of brands that helps people live and thrive, providing exceptional support and services to increase the well-being of its clients and those closest to them.
Highlands Arms Enterprises to Main Post Partners: Highland Arms Enterprises is one of the largest franchisees of Precision Garage Door Service, a Neighborly® company, operating 11 markets across Washington, California, Utah, Idaho, and Nevada. Main Post Partners is a leading private equity investment firm with deep experience partnering with multi-location consumer service platforms.
Rescue Air and Plumbing to HomeTown, a Portfolio Company of CenterOak: Rescue Air and Plumbing ("Rescue Air") is a rapidly growing residential HVAC and plumbing services business operating in Dallas, Texas. Hometown Services is a residential services provider in the South Central U.S. that provides homeowners with the highest-quality heating, AC, plumbing, and electrical repair and replacement services. With private equity investment from CenterOak Partners, HomeTown is a community of brands that provides HVAC, plumbing, electrical, and other home services to over 50,000 club members annually.
Health & Wellness (2)
Strategic Investment in StretchZone from Princeton Equity Group: Stretch Zone, a leading provider of practitioner-assisted stretching, received a strategic investment from Princeton Equity Group, a private equity firm focused on the franchisor and multi-unit industry.
Strategic investment in 4Ever Young Anti-Aging Solutions from Highmount Madison: 4Ever Young Anti-Aging Solutions is a rapidly growing franchisor and leading national provider of preventative wellness and aesthetic solutions. Highmount Madison is an entrepreneurial investment firm founded by Dan Amin and James Kapnick that brings together an operational approach to business building with permanent capital to partner with founder- and family-owned businesses.
Business & Industrial Services (5)
PTR Baler and Compactor Company to Komar Industries: PTR is a leading waste and recycling equipment manufacturer, technology innovator, and national service provider for vertical balers, stationary compactors, self-contained compactors, and related equipment. Komar Industries is a leading designer and manufacturer of industrial waste and recycling processing systems and a portfolio company of Toronto-based private equity firm, ONCAP
Fastest Labs to First Capital and Genesis Park: Fastest Labs is a premier nationwide provider of drug, alcohol, and DNA testing services, offering fast and accurate results for individuals, businesses, and government agencies. LP First Capital is a business services focused private equity firm that partners with family-owned, founder-led businesses to help them achieve their full potential by providing capital, operational expertise, and strategic guidance. Genesis Park is a Houston-based investment firm that provides flexible debt and equity capital solutions to lower middle market businesses across various sectors.
Industrial Air, LLC to Limbach Holdings, Inc.: Industrial Air provides environmental mechanical and air filtration solutions and customer air handling equipment to industrial customers, with particular expertise in serving the mission-critical needs of leading businesses in the textile industry. Limbach is a building systems solutions firm with expertise in the design, prefabrication, installation, management, and maintenance of heating, ventilation, air-conditioning ("HVAC"), mechanical, electrical, plumbing, and control systems.
American Scale Company to American Equipment Holdings: American Scale Company was established in 1999 and is a leader in industrial weighing technologies. American Equipment Holdings is an organization of leading overhead crane and hoist distributors and field service providers.
Online Labels Group to Sentinel Capital Partners: Online Labels Group was established in 1998 and is one of the internet's leading suppliers of labeling products, offering the largest selection of blank and custom labels for small-to-medium businesses. Founded in 1995, Sentinel Capital Partners is a private equity firm that invests in promising mid-market companies.
Franchise Services (1)
Strategic investment by L2 Capital to iFranchise Group: iFranchise Group, which includesTop Fire Media ("iFranchise"), is the market-leading franchising consultant and digital marketing provider for emerging and established brands.L2 Capital is a lower middle market private equity firm in Devon, PA, and Miami, FL, that has delivered market-leading returns since 2010 by investing in niche lower middle market-leading consumer and business services companies.