Timoneer Strategic Partners (a private equity firm based in Los Angeles and Charlotte) announced it has acquired a majority ownership stake in Solid Restoration. Solid Restoration – which was founded by Brett Soliday in 1996 and headquartered in Escondido, CA – is a leading restoration service provider focused on insurance-based residential and commercial water and fire damage mitigation, restoration and repair, mold remediation, and other related services.
In partnership with Timoneer, Solid Restoration will continue executing an aggressive growth strategy in Southern California and via a hub-and-spoke expansion model into other geographies. And the new partnership with Timoneer provides the company with valuable expertise in the residential and commercial services sector and offers access to additional capital to partner with other leading independent disaster restoration providers across the U.S.
Grays Peak Capital, Phoenix3 Holdings, and a consortium of high-net-worth investors co-invested along with Timoneer in the transaction. And McGuireWoods LLP served as legal advisor to Timoneer. Eagle Pointe Capital served as the exclusive financial advisor to Solid Restoration.
KEY QUOTES:
“We look forward to the partnership with Timoneer, which comes at an exciting period of growth for Solid Restoration. Together, we have a shared vision for the business that includes expanding our geographic presence, penetrating adjacent end markets, and delivering an expanded suite of services to our customers. Timoneer’s hands-on operational and M&A support will help us execute on our next chapter of growth.”
- Brett Soliday, who will remain as CEO and maintain a significant ownership stake in the company
“Brett and the Solid Restoration team have built a unique company that is well-regarded for consistent and superior service quality, responsiveness, and a customer-first approach. We are impressed with the company’s track record of profitable and responsible growth and are honored to be entrusted as the partner of choice during this next pivotal phase of evolution and expansion. The company’s leaders and team members will continue to be the backbone of the organization under our new partnership, and we are excited to further support the team through onboarding of new strategic hires and investing in additional infrastructure.”
- Ben Frazier, Managing Partner at Timoneer
