Altamont Capital Partners, a leading private investment firm, has announced a significant expansion of its multi-unit consumer sector portfolio with the acquisition of Service Minds. This strategic investment, finalized on May 31, 2022, underscores Altamont Partners’ commitment to partnering with high-growth businesses and leveraging its operational expertise to drive value creation. Service Minds, a prominent provider of essential home services, represents Altamont’s latest foray into the thriving multi-unit franchisee market, building upon the success of previous investments like Tacala (Taco Bell) and Excel Fitness (Planet Fitness).
Service Minds, based in Sarasota, Florida, has established itself as a leader in the electrical, plumbing, and HVAC services sector. Founded and operated by David Connolly since 2014, the company has grown into a major franchisee within the Mister Sparky, One Hour Heating & AC, and Benjamin Franklin Plumbing systems. Operating across the Southeastern United States, Service Minds delivers critical home services with a focus on customer satisfaction and operational excellence. This acquisition positions Altamont Partners at the forefront of the residential services industry, tapping into the consistent demand for reliable home maintenance and repair.
Kevin Mason, Managing Director at Altamont Partners, highlighted the strategic rationale behind the acquisition, stating, “Service Minds embodies the characteristics we seek in our investments – a strong business model providing essential services, a commitment to industry-leading customer service, robust training programs, and clear career pathways for its employees.” He further emphasized Altamont’s growth strategy, adding, “David Connolly and his team have built an exceptional foundation. We are excited to partner with them to scale the business, expand into new markets, and broaden service offerings. Altamont Partners brings significant experience in driving growth through infrastructure investment, talent acquisition and retention, organic sales initiatives, and strategic mergers and acquisitions within franchise systems.”
The acquisition of Service Minds included multiple franchisees operating under the One Hour Heating & AC and Benjamin Franklin Plumbing brands, alongside Mister Sparky. All three brands are part of Authority Brands, a leading home service franchisor. This consolidation creates one of the largest residential service providers in the Southeast, offering comprehensive electrical, heating, cooling, and plumbing solutions. Service Minds currently operates over 20 locations across Florida and Alabama, solidifying its regional dominance.
Looking ahead, David Connolly will remain deeply involved in the company’s trajectory, transitioning to the role of Executive Chairman of the board of directors. To support the anticipated growth and expansion, Service Minds has strengthened its leadership team with key appointments. Brannan Lahoda, formerly Senior Vice President of Operations at Driven Brands, has been appointed CEO. Magda Farren, previously CFO at W.S. Badcock Corporation and a prior Altamont Capital portfolio company (Colorado Boxed Beef Company), assumes the CFO role. David Cox, former CEO of About Time Management (a One Hour Heating & AC and Benjamin Franklin Plumbing franchisee acquired by Service Minds), joins as Chief Growth Officer.
Randall Eason, Managing Director at Altamont Partners, underscored the importance of leadership continuity and talent development: “The enhanced leadership team, combined with David Connolly’s ongoing guidance, will undoubtedly propel Service Minds to new heights. The company’s long-standing commitment to best-in-class training, mentorship, and a strong company culture will remain central to its success.”
Echoing this sentiment, Brannan Lahoda, CEO of Service Minds, affirmed the company’s dedication to both customer and employee satisfaction: “Our primary focus is to deliver unparalleled customer service and foster an exceptional employee experience. We are committed to expanding our reach, bringing our services to more locations across the Southeast, and broadening our residential service lines.”
The financial details of the transaction remain undisclosed. Altamont Capital Partners received financial advisory services from Boxwood Partners, and legal counsel from Ropes & Gray and Morrison & Foerster. Service Minds was advised by Truist Securities as financial advisor and Shumaker, Loop and Kendrick, LLP as legal counsel. Financing for the acquisition was provided by Varagon Capital Partners, L.P., Stellus Capital Management, LLC, and Principal Alternative Credit.
About Service Minds
Headquartered in Sarasota, Florida, Service Minds traces its roots back to 2007 as a single Mister Sparky location. Demonstrating impressive growth, the company expanded to 13 Mister Sparky branches by April 2022, before strategically acquiring multiple franchisees within the One Hour Heating & AC and Benjamin Franklin Plumbing systems. Today, Service Minds operates over 20 locations across Florida and Alabama, proudly representing brands within the Authority Brands portfolio, a leading franchisor in the home services sector.
About Altamont Capital Partners
Altamont Capital Partners, based in the San Francisco Bay Area, is a private investment firm managing over $4.5 billion in assets. Altamont specializes in investing in middle market businesses, collaborating with management teams to unlock their full potential. The firm’s principals bring extensive experience in building successful businesses across diverse industries, including healthcare, business services, financial services, consumer/retail, and industrials. Altamont Partners’ investment in Service Minds exemplifies its strategic focus on the multi-unit consumer sector and its commitment to driving growth and operational excellence within its portfolio companies.
CONTACT: Greg Blair, [email protected]
SOURCE Altamont Capital Partners
