Apax Partners Funds Buy Authority Brands From PNC Riverarch

   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)

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