Apax Partners Funds Buy Authority Brands From PNC Riverarch
September 24 2018 - 12:06PM
Dow Jones News
By Colin Kellaher
Private-equity firm Apax Partners on Monday said its funds have
acquired home-services franchisor Authority Brands from PNC
Riverarch Capital for an undisclosed amount.
Authority Brands is the parent company of Cleaning Authority,
which provides residential-cleaning services, and Homewatch
CareGivers, which provides in-home care services. Authority Brands
operates more than 300 franchises in the U.S., Canada and Latin
America.
"We have been attracted to the home services market for some
time, due to its size, fragmentation and attractive growth rate,"
said Ashish Karandikar, a partner at Apax.
PNC Riverarch, a middle-market private-equity affiliate of PNC
Financial Services Group Inc. (PNC), invested in Columbia,
Md.-based Authority Brands in August 2014.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 24, 2018 11:51 ET (15:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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