BluSky announces merger with California-based HARBRO
Joining Forces to Provide Enhanced Coverage and Service Throughout the United States
DENVER, MAY 4, 2020 — On Monday, Denver, Colorado-based BluSky Restoration Contractors, LLC announced a merger with Signal Hill, California-based HARBRO Emergency and Restoration, Inc.
“First and foremost for us is to partner with a firm that we believe will be a great cultural fit. I greatly appreciate HARBRO’s values of integrity, loyalty, quality, responsiveness, and teamwork, and I find them to be a great fit with our values,” said Kent Stemper, BluSky CEO. “HARBRO is extremely strong in California and is well-established and growing its offices in Arizona, Nevada, Oregon, and Washington, and this fuels BluSky’s coast-to-coast expansion.”
The two firms bring to bear complementary strengths including HARBRO’s significant mitigation experience and BluSky’s robust reputation for reconstruction work. This move affords BluSky the opportunity to continue achieving its plan of becoming the leading restoration services firm for commercial and multi-family property owners and managers in the United States.
With eventual plans to rebrand the HARBRO organization under the BluSky name, HARBRO chief executive officer Jim Franklin and president David Moll will have the largest “non-institutional” shareholding within the merged company.
“We are excited to put into play this proactive plan, which will afford our team a greater ability to serve our clients’ needs throughout the U.S.,” said Franklin.
Moll added, “We are very excited about this new partnership and feel honored to be a part of the BluSky team. Both companies have taken pride in the cultures they have built and are very excited about the opportunities this provides for our people and clients.”
“Our investment thesis when we originally backed BluSky, Kent, and this management team was to pursue growth in adjacent geographies and through complementary service offerings. This merger continues the team’s execution of this plan,” noted Ashish Rughwani, founding partner at Dominus Capital. Dominus Capital is a leading private equity investment firm based in New York and is the controlling investor in BluSky. Brian Finnie, vice president at Dominus Capital, added, “BluSky and HARBRO are market leaders in their respective geographies, and now combined will be able to deliver the highest quality of service to their customers nationwide.”
Stemper remains the firm’s chief executive officer. HARBRO’S officers will assume leadership positions in the combined business, which continues as BluSky Restoration Contractors.
K&L Gates served as counsel to HARBRO and White & Case served as counsel to BluSky in the transaction.
Today’s announcement is the fourth in a strategic plan of mergers and acquisitions to support BluSky growth. The firm previously merged with North Carolina-based Disaster One in 2017, Missouri-based United Services in 2019, and Tennessee-based SRP Contractors in 2020. BluSky has grown from a privately-owned Colorado startup in 2004 to one of the largest national restoration firms in the country.