Bessemer Investors Acquires Stake in Legacy Restoration
Establishes Exterior Services Platform with a Leader in Restoration and Remodeling Services
PLYMOUTH, Minn., August 9, 2021-- Legacy Restoration ("Legacy" or the "Company"), a leading provider of exterior restoration and remodeling services, and Bessemer Investors LLC ("Bessemer"), a New York-based investment firm, announced today that Bessemer has acquired Legacy. Bessemer has partnered with Legacy's management team to provide liquidity to selling shareholders and capital to support the Company's growth through organic initiatives and acquisitions. Founder and CEO, Scott Mullins, and Legacy's management team will continue leading the Company as a stand-alone platform. Financial terms of the transaction were not disclosed.
Mr. Mullins commented, "We are pleased to have established this partnership with Bessemer and their team. Legacy Restoration has achieved remarkable growth in its 10-year history, and we feel confident the Bessemer/Legacy partnership will enable us to continue this trend. The transaction will also have a positive impact on the Legacy family, our customers, and the communities we serve."
Andrew Mendelsohn, Principal at Bessemer, said, "We are excited to partner with Legacy and to continue building on their track record of growth. Led by an experienced management team, Legacy is an industry leader with a reputation for high quality service and conducting business with integrity. We see numerous growth avenues for Legacy, whether through geographic and end market expansion, or through strategic M&A opportunities, and look forward to supporting Scott and the management team through the next phase of growth."
Waller Helms Advisors served as financial advisor to Legacy, while Hellmuth & Johnson served as legal counsel. Piper Sandler & Co. served as financial advisor and Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Bessemer Investors. Capstone Headwaters served as capital markets advisor and Tree Line Capital Partners and Bridge Bank, a division of Western Alliance Bank, provided debt financing for the transaction.
About Legacy Restoration
Founded in 2011, Legacy Restoration is a leading provider of restoration and remodeling services, including roofing, windows, siding, and gutters to the residential and commercial markets. The Company is headquartered in Plymouth, Minnesota and also has offices in Lombard, Illinois and Centennial, Colorado. Legacy is among few players of scale with significant restoration expertise, both insurance and retail, a reputation for high quality products and services, and focus on serving local markets. For further information, please visit https://www.legacyrestorationllc.com/.
About Bessemer Investors
Bessemer Investors is a New York-based investment firm focused on partnering with middle market businesses to support growth and enhance value creation. Bessemer differentiates itself by combining a long-term, flexible capital base with a team of experienced private equity professionals. This approach offers unique solutions to Bessemer's partners and the flexibility to maximize long-term value. For further information, please visit https://www.bessemerinvestors.com/.
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