DRYmedic Restoration Services, a Detroit-based home restoration business, was recently acquired by Maryland-based Authority Brands, becoming the 13th home service franchisor in the Authority Brands portfolio. The deal included a substantial rollover/reinvestment by the equity holders.
Varnum counseled the sellers in all aspects of the transaction, including negotiation of all principal documents, tax structuring, employment and other related matters. The Varnum team included Jake Droppers, Mike Romaya and Shawn Strand.
Authority Brands’ companies include several leading franchisor businesses providing home services through more than 1,900 territories and operated by more than 1,000 franchise owners. The company supports individual franchisee growth by providing marketing, technology and operational tools and resources.
DRYmedic was founded in 2014 as a family business with one truck and has grown to serve the Metro Detroit area with over 40 trucks, providing a full range of disaster restoration services that take clients from cleanup to complete recovery from fire, flood, storm, mold and asbestos.
“Varnum provided us with outstanding M&A counsel throughout the sale process,” said Carlos Hesano, Founder and CEO of DRYmedic. “With their deal acumen and exceptional responsiveness, the entire team delivered value, ensuring a smooth and swift transaction.”