Boxwood Partners Advises Altamont Capital Partners on Its Acquisition of Service Minds, a Leading Residential Services Provider

Latest Boxwood transaction continues the firm’s momentum as a premier M&A advisor in the franchising industry

JUPITER, FL – (June 1, 2022) – Boxwood Partners is pleased to announce the acquisition of Service Minds (“the Company”), a leading provider of electrical, plumbing and HVAC services based in Sarasota, Florida, by Altamont Capital Partners (“Altamont”). At the time of acquisition, Service Minds was the largest franchisee of the Mister Sparky brand, a residential electrical services provider in the Authority Brands portfolio of home service businesses.

Boxwood Partners, a leading boutique middle-market investment bank based in Jupiter, FL, acted as the exclusive buy-side advisor to Altamont Capital Partners on the transaction. The transaction was led by Brian Alas (Managing Director), Dan Martinson (Vice President), and Kurtis Brown (Associate). The terms of the deal were not disclosed.

Since 2019, Boxwood has represented 20+ franchisors as the exclusive sell-side advisor to leading entrepreneurs across the home services, commercial services, fitness and QSR sectors. The Service Minds transaction marks Boxwood’s second buyside and first franchisee transaction in Company history.

Owned and operated by David Connolly since 2014, Service Minds has leveraged its best-in-class training, mentorship, and company culture to become a leading franchisee in the Mister Sparky system. Subsequent to the investment by Altamont, Service Minds acquired multiple One Hour Heating & Air Conditioning and Benjamin Franklin franchisees. The partnership has created one of the largest providers of residential services across the three trades in the Southeastern United States with over 20 locations in Florida and Alabama.

The Service Minds transaction represents Altamont’s most recent multi-unit franchisee investment, following successful partnerships within the Taco Bell and Planet Fitness systems. Altamont plans to take a similar approach as those investments by investing heavily in the Service Minds team and infrastructure to further drive growth initiatives.

“Service Minds is an established category leader, providing critical, recession-resistant trade services in growing end markets,” said Brian Alas, Managing Director of Boxwood Partners. “The Company’s partnership with Altamont will provide the necessary resources to continue to grow both organically and via acquisition as evidenced by the Company’s quick expansion into the HVAC and plumbing end markets.”

“Boxwood’s expertise and experience in the franchising space served as an invaluable asset to the team throughout the execution process” said Kevin Mason, Managing Director of Altamont Capital Partners. “We sincerely appreciated their guidance and insights on the tailwinds within the sector.”

About Boxwood Partners

Boxwood Partners, LLC, is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve.

For more information about Boxwood Partners, please visit www.boxwoodpartners.com.

About Altamont Capital Partners 

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including healthcare, business services, financial services, consumer/retail, and industrials.

For more information, please visit www.altamontcapital.com.

About Service Minds

Service Minds is headquartered in Sarasota, Florida, where it was founded in 2007 as a single Mister Sparky location. The company grew from one Mister Sparky branch in 2014 to 13 branches by April 2022 before acquiring multiple franchisees in the One Hour Heating & AC and Benjamin Franklin Plumbing systems. Service Minds currently operates over 20 locations across Florida and Alabama, currently servicing brands in the Authority Brands system, a leading home service franchisor.