Apax X LP, in which Altaroc Odyssey 2021 is invested, announced on September 22, 2022 that it had entered into a definitive agreement to acquire a stake inAuthority Brands, a North American residential services franchise platform.
Founded in 2017 and based in Columbia, Maryland, Authority Brands Group is one of the leading operators of franchise networks in home services in North America, with around 2,000 outlets owned by 1,000 franchise owners. The company provides its franchisees with highly specialized expertise - particularly in marketing and digital strategies - as well as significant operational support, enabling them to generate higher performance than their competitors.
The group, supported by Apax LLP since 2018, has already successfully implemented an ambitious first value creation plan. The new financing round has put in place a consortium of investors, led by Apax is leading, which will work with the management team on ambitious new development objectives: increasing sales by 50% and doubling profitability within 5 years, through mergers and acquisitions and strategic initiatives (including franchise development), technological transformation and international expansion.
