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California company buys Charleston cleaning and restoration company

Ross Norton //March 21, 2024//

The Charleston-based Live Oak Restoration services large accounts across the country. (Photo/DepositPhotos)

The Charleston-based Live Oak Restoration services large accounts across the country. (Photo/DepositPhotos)

The Charleston-based Live Oak Restoration services large accounts across the country. (Photo/DepositPhotos)

The Charleston-based Live Oak Restoration services large accounts across the country. (Photo/DepositPhotos)

California company buys Charleston cleaning and restoration company

Ross Norton //March 21, 2024//

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ServePro Global DRT announced today its plan to acquire Charleston-based Live Oak Restoration, a ServePro franchisee that services Lowcountry markets and services large accounts across the country.

Terms of the sale were not disclosed.

ServePro Global DRT is an Encino, Calif., portfolio company of Orangewood Partners, a New York-based private investment firm.

Founded by CEO Brian Turpin, Live Oak services provides a full suite of turn-key restoration and reconstruction services. In partnering with Live Oak and Turpin, ServePro Global DRT plans to leverage its expertise in scaling ServePro franchisees to the Charleston market as well as grow the national restoration and reconstruction business, according to a news release. The Charleston location will create an East Coast hub that broadens the company’s geographic reach.

As part of the transaction, Turpin will continue to oversee the national accounts as president of national accounts for the combined franchises, the release stated.

“We couldn’t be more excited to partner with Brian and the Live Oak team,” Alan Reed, co-founder and CEO of ServePro Global DRT, said in the release. “Brian has cultivated a culture of excellence at Live Oak that exemplifies what we strive for at ServePro Global DRT — unmatched commitment to providing world-class support to our customers in their time of need.”

Blume Partners served as legal adviser to Live Oak. Greenberg Traurig LLP served as legal adviser to ServePro Global DRT and Orangewood. Diameter Capital Partners provided debt financing for the transaction.

“I’ve long admired the business and work ethic Alan and his talented co-founders Manny Corral and Darryn Barber have developed at ServePro Global DRT,” Turpin said in the release. “I’m excited to collaborate with them and build upon the foundation our team has created at Live Oak as the partner of choice for large national real estate owners and operators, providing best-in-class service across restoration and reconstruction.”

The acquisition follows Orangewood’s investment ServePro Global DRT in December 2023.

Eric Engler, managing director of Orangewood, said in the release: “We are thrilled for Live Oak to be our first acquisition under the ServePro Global DRT banner. Brian and his team bring a host of complementary skills that we expect to help accelerate organic growth within the business. We appreciate the support from the ServePro corporate team throughout the acquisition process and are excited to continue to build a leading national player in the ServePro system.”

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