Timoneer Strategic Partners, LLC ("Timoneer"), a private equity firm based in Los Angeles and Charlotte, has acquired a majority ownership stake in Solid Restoration, LLC.
(PRUnderground) February 13th, 2024
Timoneer Strategic Partners, LLC (“Timoneer”), a private equity firm based in Los Angeles and Charlotte, has acquired a majority ownership stake in Solid Restoration, LLC (“Solid Restoration” or the “Company”). Solid Restoration, founded by Brett Soliday in 1996 and headquartered in Escondido, CA, is a leading restoration service provider focused on insurance-based residential and commercial water and fire damage mitigation, restoration and repair, mold remediation, and other related services.
In partnership with Timoneer, Solid Restoration will continue to execute an aggressive growth strategy in Southern California, and via a hub-and-spoke expansion model into other geographies. The new partnership with Timoneer provides the Company with valuable expertise in the residential and commercial services sector and offers access to additional capital to partner with other leading independent disaster restoration providers across the U.S.
Brett Soliday, who will remain as CEO and maintain a significant ownership stake in the Company, commented, “We look forward to the partnership with Timoneer, which comes at an exciting period of growth for Solid Restoration. Together, we have a shared vision for the business that includes expanding our geographic presence, penetrating adjacent end markets, and delivering an expanded suite of services to our customers. Timoneer’s hands-on operational and M&A support will help us execute on our next chapter of growth.”
Ben Frazier, Managing Partner at Timoneer, said, “Brett and the Solid Restoration team have built a unique company that is well-regarded for consistent and superior service quality, responsiveness, and a customer-first approach. We are impressed with the Company’s track record of profitable and responsible growth and are honored to be entrusted as the partner of choice during this next pivotal phase of evolution and expansion. The Company’s leaders and team members will continue to be the backbone of the organization under our new partnership, and we are excited to further support the team through onboarding of new strategic hires and investing in additional infrastructure.”
Grays Peak Capital, Phoenix3 Holdings, and a consortium of high-net-worth investors co-invested alongside Timoneer in the transaction. McGuireWoods LLP served as legal advisor to Timoneer. Eagle Pointe Capital served as the exclusive financial advisor to Solid Restoration.
About Solid Restoration
Solid Restoration is a leading provider of restoration services across Southern California. Solid Restoration assists property owners who have suffered water, fire or mold damage by providing 24/7 emergency response mitigation, clean up, and restoration and repair services, all while seamlessly managing the claims process with a customer’s insurance company. Solid Restoration is a long-standing preferred vendor for many leading regional and national insurance carriers. For more information, please visit www.solidrestoration.com.
About Timoneer Strategic Partners
Timoneer Strategic Partners, with offices in Los Angeles and Charlotte, is a private equity firm focused on partnering with and supporting founder- and entrepreneur-led organizations across various essential services sectors through both control and non-control transactions. Timoneer’s efforts are supported by four key pillars of success: (i) a focused investment execution team, (ii) a flexible capital base, (iii) a robust network of operating partners and strategic advisors, and (iv) a unique deal sourcing strategy. Targeted businesses have enterprise values ranging from $5 – $100 million and EBITDA of $1 – $10 million. For more information, please visit www.timoneersp.com.
For all Timoneer inquiries, please contact:
Ben Frazier
Email: ben.frazier@timoneersp.com
About Grays Peak Capital
Grays Peak Capital (www.grayspeakcapital.com) Grays Peak is a global alternative investments firm currently managing assets for a diverse investor base of high-net worth individuals, family offices and institutions. Our portfolio includes multinational brands that have created value by disrupting mature industries and embracing technological innovation.
Using a tiered investment process, we are able invest across the capital structure. We express these investments through our funds focusing on Venture Capital, Private Equity and Hedge Fund.
Our goal is to identify and invest in disruptive industry trends focusing on Consumer and Technology. We target industries and sectors that are undergoing disruptive change typically catalyzed by technology. We invest in seed to late-stage and public companies, focusing on consumer and technology, media and telecom companies.
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Contact:
Scott Stevens -CEO
212-506-7050
info@grayspeakcapital.com
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