Eureka Equity Partners (“Eureka”) today announced the acquisition of the assets of Merit Service Solutions Holdings, LLC through its newly-formed affiliate, Exterior Maintenance Resources, Inc. (“Merit” or the “Company”). Eureka recruited a new CEO and partnered with operating management to establish a platform that is a leading national provider of outsourced exterior facilities management services.
Headquartered in Malvern, PA, Merit leverages seven Company locations and a nationwide network of thousands of service providers to provide essential facility maintenance services to a diverse customer base including national retailers, commercial property managers, multi-family housing developers, government-owned properties and other institutional customers.
“We are very excited to work with new CEO Joe Giandonato and the talented members of existing operating management, including COO Joe Hoey and CFO Steve Rudd,” stated Chris Hanssens, Managing Partner of Eureka who, along with Eureka Vice President Lisa Harris Millhauser, joined the Board of the Company at the close of the transaction. “We look forward to the opportunity to help Merit realize the growth potential that exists within Merit’s national network of quality service providers, its dedicated team supporting its service provider network through Company locations in several key regions throughout the United States, and its longstanding commitment to be an ideal outsourced services partner to its customers that put tremendous importance on maintaining the facilities that are the most tangible representation of the value they endeavor to bring to their customers.”
“Eureka is the perfect partner for Merit Service Solutions given their operational focus and commitment demonstrated throughout the diligence process to bring the resources and leadership to support our vision, team and future growth,” stated Merit CEO Joe Giandonato. “Eureka brings significant experience and a track record of success within our outsourced business services vertical and shares our team’s strategic vision of becoming the leading provider of highest-quality exterior facility maintenance services to valued customers nationwide. I look forward to working with Eureka and our team at Merit in executing on this vision.”
M&T Bank provided debt financing to support the acquisition.
About Eureka Equity Partners
Eureka Equity Partners is a private equity firm targeting niche market leaders with up to $100 million in revenue across industry segments in which Eureka brings significant experience and operating resources, including business services, health care services, specialty manufacturing and consumer products. Eureka focuses on partnering with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka leads buyouts that bring significant ownership to the operators driving the success of the business. With this core principle that aligns the interests of our operators and our investors, Eureka is also experienced and comfortable effecting minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Equity Partners can be found at www.eurekaequity.com.