California Company Acquires Charleston Cleaning and Restoration Company
In a significant move on the cleaning and restoration sector’s chessboard, ServePro Global DRT, a California-based firm, announced today the acquisition of Live Oak Restoration, a service provider headquartered in Charleston. The terms of this deal, however, have not been disclosed.
Live Oak Restoration, under the leadership of CEO Brian Turpin, impressively services vast accounts around the country with a comprehensive range of turn-key restoration and reconstruction services. The Charleston-based company also effectively caters to Lowcountry markets, making it a matchless ally for ServePro Global DRT’s forthcoming venture.
ServePro Global DRT Sets Foot in Charleston
ServePro Global DRT, a portfolio company based in Encino, California, and overseen by Orangewood Partners, a private investment firm in New York, has clear intentions to leverage its precious expertise in advancing ServePro franchisees – only this time, targeting Charleston’s market.
Accordingly, this acquisition will facilitate the construction of an East Coast hub for ServePro Global DRT, subsequently widening the company’s geographical reach and enabling more significant growth in the national restoration and reconstruction industry.
What This Acquisition Means for Live Oak
Brian Turpin is set to continue driving the national accounts of the merged franchises as the president. The synergic merger comes off as gratifying for both sides, as illustrated by their respective statements.
Alan Reed, co-founder, and CEO of ServePro Global DRT expressed his thrill for the new partnership. Highlighting how Brian Turpin’s culture of excellence cultivated at Live Oak perfectly resonates with ServePro’s philosophy of unmatched support commitment towards customers during their time of need.
On the other hand, Brian Turpin expressed his admiration for the work ethic and business that Alan and his co-founders have developed at ServePro Global DRT. Displaying his eagerness to join forces and to build on the foundation his team has laid.
Legal Advisers and Financial Backing for The Acquisition
The legal aspects were handled by Blume Partners for Live Oak, while Greenberg Traurig LLP represented ServePro Global DRT and Orangewood. Additionally, Diameter Capital Partners offered debt financing to facilitate the acquisition.
Future Plans and Prospects
The acquisition follows Orangewood’s investment in ServePro Global DRT in December 2023. Eric Engler, Managing Director of Orangewood, stated that they are thrilled for Live Oak’s acquired skills to fortify their organic growth strategy within the business.
This move indicates the companies’ shared motive to continue their growth journey. Shaping themselves into leading national players in the ServePro system, and ultimately supporting more customers when in dire need of restoration and reconstruction services.
