Investment Positions Company for Accelerated Growth and Expansion in Highly Fragmented Residential Services Market
NEW CANAAN, Conn., Jan. 18, 2023 /PRNewswire/ — Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, today announced a growth investment in Legacy Service Partners, LLC (“Legacy” or the “Company”), a leading provider of residential heating, ventilation, and air-conditioning (HVAC), plumbing, and electrical services. Financial terms of the partnership were not disclosed.
Legacy offers replacement, repair, and maintenance services, with a large and growing installed base across the United States. Founded in 2021 by Jake Sloane, Frank Zhang, and Rob Millock, Legacy has united exceptional brands with strong operators and leading local market competitive positions under a national platform. Through its partnership model, Legacy provides guidance and support through a strategic division of functions to integrate local operational expertise with centralized platform scale and sophistication.
Legacy provides top-notch customer service to customers across 16 states and 28 brands throughout the U.S. The Company’s diversified business mix, premier acquisition engine, and best practice playbooks differentiate Legacy as a uniquely positioned platform. This partnership builds on Gridiron’s successful experience working closely with and supporting great residential services and products businesses, including Leaf Home and Erie Home.
Legacy CEO and Co-Founder Rob Millock commented, “We couldn’t be more excited to partner with Gridiron as we rapidly scale our operations. The Legacy platform is well positioned to continue to distinguish itself as a leader in the residential services space and we look forward to working with the Gridiron Centers of Excellence to build a playbook that will benefit all our partners and end clients.”
Legacy Co-Founder Jake Sloane added, “We are excited to leverage Gridiron’s experience within the residential services space to expand our capabilities and drive this next phase of growth. Our shared strategic goals and vision for Legacy are aligned and this partnership with Gridiron will allow us to continue to enhance our service offerings to meet the needs of our customers and communities.”
Kevin Jackson, Managing Partner of Gridiron, said, “We are proud to partner with Rob, Jake, Frank, and the entire Legacy team. The Company has a strong employee-centered culture, a shared vision of partnership, and a relentless focus on providing a superior customer experience. We are excited to support a best in-class operator and leverage our successful track record of investing in residential services businesses, an area of Gridiron’s Thematic Areas of Expertise, to drive accelerated growth in a highly fragmented market.”
Bradley Skaf, Principal at Gridiron Capital, added, “With a leading position across attractive geographies, exceptional local brands, a proven M&A track record, and strong leadership, Legacy is a differentiated platform with multiple avenues for continued growth. We look forward to working alongside the Legacy team to continue to grow their existing partner companies and add additional brands under the national platform.”
Gridiron’s legal counsel was Benesch, Friedlander, Coplan & Aronoff LLP and lending partners were Churchill Asset Management (lead left arranger), JPMorgan Chase Bank, N.A., Audax Private Debt, accounts managed by Hamilton Lane and Jefferies Credit Partners. Solomon Partners served as financial advisor and Latham & Watkins LLP served as legal counsel to Legacy Service Partners.
About Gridiron Capital
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams and creating value by building middle-market companies into industry-leaders in branded consumer, B2B and B2C services, and niche industrial segments in the United States and Canada. They help transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis.
About Legacy Service Partners
Legacy Service Partners was founded in 2021 to offer entrepreneurs and business owners in the home service sector the ability to realize immediate financial value for the companies they’ve built, while partnering to continue to grow their business long into the future. Our capital is patient and flexible, and we provide our local partners with dedicated, bespoke support that helps them navigate the changing competitive dynamics of the home services industry. We are guided by our four core values – ethics, transparency, alignment, and service – and aspire to build the highest quality network of home service companies in the United States. Learn more at legacyservicepartners.com.
Jonathan Keehner / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
Legacy Service Partners
Rob Millock | Legacy Service Partners
SOURCE Gridiron Capital, LLC