Conserva Irrigation, Outdoor Lighting Perspectives, and Archadeck’s solid household emphasis were significant in Lynx Franchising purchasing Outdoor Living Brands. The introduction into exterior home services was a crucial transformative nail in the ground for Lynx and its private equity ownership, MidOcean Partners, according to Lynx CEO Russ Reynolds.
Outdoor Living Brands decides to join a Lynx client base of $700 million in income all over three major brands: 9,000-plus-unit professional cleaning franchise Jan-Pro, fabric, textile, and electronics renovator FRSTeam, and Intelligent Office, a provisional and digital office building franchise. The acquisition was completed on September 9 and was announced this week. The Lynx portfolio now includes over 250 stores and $123.5 million in revenues from OLB’s brands.
Founder and CEO of Outdoor Living Brands, Chris Grandpre quit his CEO post to become the Lynx board member as part of the transaction, said the firm received “a lot of inbound interest” this summer once formally introduced to Lynx, “we worked very hard over a 30-day period to make it happen,” he said., prompting OLB to hire investment bank Boxwood Partners to look into a possible sale. “We worked extremely hard over a 30-day timeframe to make it happen,” he remarked after being formally announced to Lynx.
Outdoor Living Brands would be led by Scott Zide, president, and COO, collaborating with the Lynx management team. According to Reynolds, OLB could potentially act as Lynx’s residential foundation, which also will “selectively and surgically” purchase new companies or even foster founder-led projects.
Conserva Irrigation franchisees that offer to repair, maintenance service, design, and installation of irrigation schemes, improved gross income by 33.2 percent in 2020, to $704,514, according to Item 19 of their franchise disclosure statement. As per the company’s FDD, the average sales revenue for Archadeck franchisees was $1.68 million in 2020, with total sales rising from 35.7 percent to $74.3 million. In 2020, 39 stand-alone Outdoor Lighting Perspectives franchisees had average sales of $568,806 each.
MidOcean Partners, according to Reynolds, is also interested in investing in training and franchise development to expand the services. MidOcean Partners, located in New York, which operates FullSpeed Automotive, the majority owner of oil change franchises Grease Monkey and SpeeDee, bought Lynx Franchising from Incline Equity Partners. The latter had controlled Lynx since October 2016.
After acquiring Intelligent Office, Lynx, headquartered in Alpharetta, Georgia, previously known as Premium Franchise Brands, was renamed in 2019. In June 2020, it purchased FRSTeam. In September, it bought The Content Specialists, a tough repair firm with plans to implement it with FRSTeam.