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PNC FINANCIAL SERVICES GROUP, INC.

(PNC)
  Report
Delayed Nyse  -  04:00 2022-11-29 pm EST
164.37 USD   +1.08%
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Harris Williams Advises Authority Brands on its Pending Sale to British Columbia Investment Management Corporation and Funds Advised by Apax

09/21/2022 | 11:34am EST

Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Authority Brands, a portfolio company of Apax Partners LLP (Apax), on its pending sale to British Columbia Investment Management Corporation (BCI) alongside funds advised by Apax (Apax Funds), which will retain majority ownership. Authority Brands is the premier home service franchisor in North America. The transaction is being led by the Harris Williams Consumer Group, including Brent Spiller, Beau Pierce, Trey Shehan and Anya Bahros.

“We have had a longstanding relationship with Authority Brands, and we are thrilled to be working with them again. It has been remarkable to watch the company more than triple in size under Apax’s ownership and establish itself as a best-in-class franchising platform in the residential services market,” said Brent Spiller, a managing director at Harris Williams.

“Authority Brands represents another marquee transaction for Harris Williams in the residential services and franchising sectors. We continue to see investor interest in these areas due to strong fundamental demand drivers, increased focus on home improvement and the opportunity to create a platform of scale,” said Beau Pierce, a director at Harris Williams.

Authority Brands is the premier residential services franchising platform providing services from the property line to the roof line. Authority Brands' companies include 12 leading home service franchisors: America's Swimming Pool Company, Benjamin Franklin Plumbing, The Cleaning Authority, Color World Painting, DoodyCalls, Homewatch CareGivers, Mister Sparky, Monster Tree Service, Mosquito Squad, One Hour Heating and Air Conditioning, STOP Restoration, and Woofie’s. Together, these brands provide home services through approximately 860 franchise owners across North America. Authority Brands, which is headquartered in Columbia, Maryland, is dedicated to supporting individual franchise owner growth with a full suite of marketing, technology, and operational support, allowing them to focus on providing exceptional service to homeowners.

Apax is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of internet/consumer, tech, services and healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. Apax is authorized and regulated by the Financial Conduct Authority in the U.K.

BCI is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver, British Columbia and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through its independently operated platform company QuadReal Property Group. With its global outlook, BCI seeks investment opportunities that convert savings into productive capital that will meet its clients’ risk and return requirements over time.

BCI’s private equity program actively manages a C$24.8 billion global portfolio of privately held companies and funds with long-term growth potential. Leveraging its sector-focused teams in business services; consumer; financial services; healthcare; industrials; and technology, media, and telecommunications, BCI works with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed transactions across a variety of verticals, including food, beverage and agribusiness; branded consumer products; consumer services; and restaurant and retail. For more information on the Harris Williams Consumer Group and recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.


ę Business Wire 2022
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Financials (USD)
Sales 2022 21 076 M - -
Net income 2022 5 971 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,3x
Yield 2022 3,55%
Capitalization 65 584 M 65 584 M -
Capi. / Sales 2022 3,11x
Capi. / Sales 2023 2,83x
Nbr of Employees 58 547
Free-Float 74,1%
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Number of Analysts 24
Last Close Price 162,61 $
Average target price 178,02 $
Spread / Average Target 9,47%
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Managers and Directors
William Stanton Demchak President
Robert Q. Reilly Chief Financial Officer & Executive Vice President
Ganesh Krishnan Chief Information Officer & Executive VP
E. William Parsley Chief Operating Officer & Executive Vice President
Gagan Singh Chief Investment Officer & Executive VP
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