NEW YORK, January 4, 2021 – MidOcean Partners, a premier middle market private equity firm focused on the consumer and business services sectors, announced today that it has acquired LYNX Franchising (“LYNX” or the “Company”). LYNX is an industry leading multi-brand franchise platform focused on commercial and industrial services with core offerings in cleaning and disinfecting, disaster remediation, and virtual office services. The Company enjoys broad geographic reach across the United States, Canada, and various international markets. MidOcean Partners intends to accelerate the Company’s growth plan through various organic and inorganic initiatives. Financial terms of the transaction were not disclosed.
LYNX has 225 franchised and company-owned locations across its three brands: JAN-PRO, a leading commercial cleaning and disinfecting franchise; FRSTeam, a leader in the restoration of fabrics, textiles, and electronics; and Intelligent Office, a professionally staffed, temporary, and virtual office space franchise for mobile executives and small businesses. JAN-PRO has been a leader in its space for nearly 30 years and has been named the #1 ranked commercial cleaning franchise opportunity for 12 consecutive years by Entrepreneur Magazine.
LYNX is led by its senior management team, including Russ Reynolds (CEO), Michael Borreca (CFO) and Tom O’Hare (COO), under whose leadership the Company has grown into a proven multi-brand franchise platform. LYNX will continue its remarkable growth in partnership with MidOcean Partners’ considerable operating and financial resources.
“MidOcean has an impressive track record of investing in and growing leading middle market services companies,” said Russell Reynolds, CEO of LYNX. “Their partnership, expertise, and industry knowledge will enable us to dedicate our focus to key areas of our strategy, including investment in our people, organic sales growth, territory expansion, and acquisitions. It enhances our ability to better serve our customers and expand into new markets.”
Eric Roth, Managing Director at MidOcean Partners, commented that, “LYNX has an ‘A+’ management team. Russ Reynolds and his senior team have an incredible track record of demonstrated strategic vision and sustainable growth, even in today’s challenging environment. We are very excited to partner with the LYNX organization to continue driving transformative growth across the three franchise brands.”
Eric Roth continued, “While there are multiple exciting organic opportunities ahead for LYNX’s three brands, there is considerable opportunity to grow through strategic M&A as well. LYNX has demonstrated this capability through its acquisitions of FRSTeam and Intelligent Office. MidOcean is excited to support this strategy with additional capital over our investment horizon.”
Elias Dokas, Managing Director at MidOcean Partners, added, “LYNX represents an outstanding opportunity for MidOcean to bring its skills and value add to bear as an investor in the consumer and business services areas.”
Gibson Dunn & Crutcher LLP acted as legal advisor to MidOcean Partners. Harris Williams served as financial advisor and Dentons acted as legal advisor to LYNX.