Wonder

Research Outline

Prepared for Jeffrey F. | Delivered October 8, 2019

Appliance Repair Services Sector M&A Activity

Goals

To obtain information around recent mergers and acquisitions in the appliance repair services sector for the purposes of valuation. 

Early Findings

Preliminary research shows that there have been many acquisitions and mergers in the appliance repair services sector in the past 24 months. 
PORCH ACQUIRES SERVIZIn August 2018, Porch Home Services acquired Serviz, a home services startup. Porch's home services include appliance repair. 
The terms of the Serviz acquisition were not disclosed, but the Serviz brand was maintained, along with the company's website and experience. 
Serviz' co-founder, and CEO Zorik Gordon did not stay with the company following the acquisition, but General Manager Jason Whitt did.
PARTS TOWN ACQUIRES COMMERCIAL APPLIANCE SERVICE, INC.On March 1, 2019, PT Intermediate Holdings III, LLC (dba Parts Town) acquired "certain assets of Commercial Appliance Service, Inc."
According to Moody's, "Parts Town plans to fund the acquisition by issuing $30 million of incremental first lien term loan borrowings."
APPLIANCES ON LAKESIDE ACQUIRES BROUGHTON APPLIANCE SERVICEIn October 2018, Appliances in Lakeside acquired Broughton Appliance Service in Richmond, Virginia.
Broughton Appliance Service maintained its brand and website. 
SMART CARE EQUIPMENT SOLUTIONS ACQUIRES ALPRO SERVICE COMPANYIn June 2018, Smart Care Equipment Solutions acquired Alpro Service Company, a business that provides service for commercial kitchen appliances and equipment.
The terms of the acquisition were not disclosed. 
SMART CARE EQUIPMENT SOLUTIONS ACQUIRES MID-SOUTH MAINTENANCEIn February 2019, Smart Care Equipment Solutions acquired Mid-South Maintenance, a "provider of commercial kitchen equipment repair and maintenance services to the commercial food service industry."
All 44 employees of Mid-South Maintenance transferred to Smart Care and Mid-South Maintenance employee Gary Garrett was promoted to General Manager. 
REDDI INDUSTRIES ACQUIRES ACTION APPLIANCE, INC.In March 2019, Reddi Industries acquired Action Appliance, Inc. to add appliance repair to its service offerings. 
Action Appliance maintained its brand and website. 
APPLIANCE CHAMPION MERGES WITH MARATHON APPLIANCEIn October 2018, Appliance Champion and Marathon Appliance merged their appliance repair businesses in the Dallas-Ft. Worth area. 
It appears that both companies maintained their brands and websites. 