CI’s co-investor Royal Palm Capital Partners also exited its stake in ARS.
The Memphis, Tenessee-based company, which also operates under the Rescue rooter brand, owns a network of more than 60 locally managed branches in 21 states. ARS provides emergency repair and replacement services for heating, air conditioning, energy efficiency, plumbing, drain cleaning and sewer lines.
Charlesbank managing director Sam Bartlett said, “(CEO) Don Karnes and (COO) Dave Slott have built a company with a strong business model and a reputation for excellent customer service, thanks to the high-caliber, dedicated employees throughout the organization, including its many branches.
“With this solid foundation we believe the business is well-developed to grow in new and existing markets, and we look forward to supporting the company’s accelerated growth plans.”
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