Audax Private Debt, as administrative agent and joint lead arranger, provided a unitranche credit facility to support the acquisition of RotoCo, a franchisee of Roto-Rooter, by Bessemer Investors, a New York-based private equity firm.
Founded in 1974 and headquartered in North San Diego County, CA, RotoCo provides plumbing, drain and water restoration services to residential and commercial customers. RotoCo is the largest Roto-Rooter franchisee comprised of 23 franchises across 10 regional branches in California.
“RotoCo has built an impressive operational network of franchises through its best-in-class plumbing and water restoration services, trusted by customers all over California,” Peter Stern, managing director at Audax Private Debt, said. “We are excited to partner with Bessemer in this transaction which will augment RotoCo’s historically strong organic growth, and to support the company in furthering their long-standing legacy of customer-focused service and safety.”
“We are very excited to be working alongside Audax Private Debt,” Andrew Mendelsohn, principal at Bessemer Investors, said. “Audax has thoughtfully collaborated with us to support our financing needs, and we appreciate their continued partnership throughout this process. We look forward to leveraging the Audax team’s valuable experience and market knowledge as we continue to pursue new growth opportunities for RotoCo.”
