Precision Door Service Expands with Foris Solutions Acquisition
Monogram Capital Partners is thrilled to announce that Precision Door Tri-State (PDS Tri-State) has completed the acquisition of Foris Solutions. This strategic move is set to fortify their role in the precision door service market, positioning the company as one of the largest operators within this sector.
Strengthening Monogram's Investment Portfolio
By acquiring Foris Solutions, PDS Tri-State is building on Monogram's recently oversubscribed Fund III, further solidifying the firm’s footprint in home services. This acquisition not only enhances operational capacity but also allows PDS Tri-State to tap into Foris Solutions’ extensive service network.
A Leading Franchisee
Established in 2010, Foris Solutions has made significant strides as a multi-territory franchisee in the Precision Door Service ecosystem. It operates across several territories including Southeast and Mid-Michigan, West Michigan, and even extends to locations like Austin, Texas, and Maryland. This geographic coverage makes Foris Solutions a valuable addition to the PDS portfolio, fostering growth in service areas.
Creating a Unified and Diverse Service Platform
With the addition of Foris Solutions, PDS Tri-State is constructing one of the most extensive and diverse service platforms within the garage repair industry. This merger brings together two pioneering leaders, with continuity ensured as founder Steve Freitas becomes a minority shareholder and joins the board.
Founders with Proven Track Records
Within this unified operational framework, COO Doug Issacson will lead while maintaining the expertise of seasoned founders. Doug Bencsko, the original franchisee of Precision Door Service, and Steve Freitas, the founder of Foris Solutions, add a wealth of experience and trust to the management structure. Their partnership illustrates the shared commitment to growth and operational excellence.
A Vision for Sustainable Growth
Jared Stein, Co-Founder and Partner at Monogram Capital, expressed enthusiasm about the merger, stating that the investment aligns perfectly with their strategy of empowering family-owned businesses. He emphasized contributing to the enhancement of management teams and systems, thereby transforming their operations into industry leaders in high-demand service sectors.
Freitas echoed this sentiment, highlighting Monogram's tactical contributions that have already influenced PDS Tri-State's growth trajectory. The focus has shifted towards driving improvements in key performance metrics, ensuring higher ticket averages and enhanced operational margins.
Leveraging Strengths for Future Success
This combination enhances two already strong operators within the Precision Door Service system, ensuring a robust multi-territory platform is in place. The unified entity is well-positioned to deliver exceptional service across key areas, maintaining a balance of cultural alignment and operational efficiency.
Continued Growth Initiatives
Under Monogram's stewardship, PDS Tri-State has consistently achieved double-digit growth in service and installation revenues. The management team plans to replicate their successful strategies applied from previous acquisitions, like PDS Cincinnati, to leverage ongoing organic and inorganic growth strategies.
With debt financing secured from Tree Line Capital Partners and PennantPark Investment Advisors, the financial framework to support this joint venture is solidified. On the legal side, Massumi + Consoli LLP have stepped in to provide essential counsel throughout this transaction.
About Monogram Capital Partners
Located in Los Angeles, California, Monogram Capital Partners manages approximately $1.75 billion in assets, specializing in investments in consumer businesses and service providers. Their operational approach aims to work closely with entrepreneurs and longstanding family-owned companies, helping them scale and achieve sustainable growth. To learn more about Monogram Capital Partners, you can visit their website.
Frequently Asked Questions
What is the significance of the Foris Solutions acquisition?
The acquisition positions Precision Door Tri-State as one of the largest operators in the Precision Door Service marketplace, enhancing its service capacity and geographic reach.
What are the operational benefits of this merger?
Combining resources allows for improved management practices, streamlined operations, and enhanced service efficiency across multiple territories.
Who will lead the newly combined entity?
Doug Issacson will continue as COO while Steve Freitas joins the board, ensuring a seamless transition and continuity of leadership.
How does this affect customers of both companies?
Customers can expect improved service offerings, enhanced operational capabilities, and a commitment to maintaining high service standards across locations.
What is Monogram Capital's future strategy?
Monogram aims to continue building its portfolio through strategic acquisitions and partnerships that focus on high-growth, essential service businesses.
