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Blackstone to acquire majority stake in restoration service franchisor Servpro

Blackstone Group LP, through its managed private equity funds, agreed to buy a majority stake in restoration service franchise operator Servpro Industries Inc. for an undisclosed sum.

The founding Isaacson family will re-invest in the business and will remain significant stockholders.

Blackstone said the recapitalization transaction is part of its core private equity strategy, whereby investments are held for longer periods than traditional private equity.

Servpro has a network of more than 1,700 franchisees providing residential and commercial property damage mitigation, restoration and reconstruction services across the U.S. and Canada.

The Wall Street Journal reported earlier, citing people with knowledge of the matter, that the deal could be worth more than $1 billion.

Harris Williams is the financial adviser to Servpro on the transaction, with Bass Berry & Sims PLC serving as its legal counsel.

Debt financing for the deal was provided by Jefferies, Credit Suisse and Deutsche Bank Securities, which also served as financial advisers to Blackstone. Simpson Thacher & Bartlett is the legal counsel to Blackstone.