Bessemer Investors, a New York-based investment firm, acquired a stake in Legacy Restoration, a provider of exterior restoration and remodeling services. Bessemer 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. Scott Mullins, founder and CEO of Legacy Restoration, and Legacy’s management team will continue leading the company as a stand-alone platform. Financial terms of the transaction were not disclosed.
“We are pleased to have established this partnership with Bessemer and their team,” Mullins said. “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.”
“We are excited to partner with Legacy and to continue building on their track record of growth,” Andrew Mendelsohn, principal at Bessemer Investors, said. “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 served as financial advisor and Akin Gump Strauss Hauer & Feld served as legal counsel to Bessemer. 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.