After nearly a year of negotiation, EverSmith Brands closed its deal to acquire restoration concept Prism Specialties.
It’s the latest B2B service-based concept for the portfolio company founded in 2021. In January, EverSmith acquired U.S. Lawns and it also owns landscaping brand Clintar, floor cleaner concept MilliCare and commercial hood service company Kitchen Guard (rebranded from Green Guard).
Founded in 1993 and franchising since 2012, Prism Specialties is a restoration brand with 103 franchised territories across 37 states. The concept specializing in restoring electronics, art and textiles.
“It’s a recession-proof business model,” Prism CEO Chris Ring said. “People make mistakes and you also see weather patterns as being a real challenge. So that means there’s a safe haven for a business like ours, which deals directly with insurance carriers or mitigation contractors.”
Prism Specialties CEO Chris Ring
Ken Hutcheson, EverSmith Brands CEO and former U.S. Lawns president, said Prism serves a market in need of professionalism, which makes it a good fit in the portfolio.
“It’s a brand that’s really well known for its expertise in restoration,” Hutcheson said. “So, we love that the brand recognition is already there. Then we looked at the team, and saw it had a good, strong leadership group that’s proven and capable. They know how to drive growth, and they have a culture that respects franchising.”
Hutcheson said even with more than 100 territories, Prism has plenty of white space left to grow. Ring said the brand is looking forward to utilizing EverSmith’s resources to help spur that growth. EverSmith is a portfolio of company of private equity firm The Riverside Company.
“We are excited about having EverSmith’s team of franchise development professionals to really accelerate the Prism brand,” Ring said. “It’s also exciting to be part of this family of brands. To be able to share best practices and great ideas with each other.
“For us, we also get to go up a notch when it comes to backroom needs like accounting and things of that nature to help us refine the business,” Ring said. “It means more resources to support our franchisees and their profitability as well.”
EverSmith Brands CEO Ken Hutcheson
Prism’s dedication to franchising was another reason for it to join EverSmith, as it’s a commonality with the brands in the company. Hutcheson said the franchisees on the ground give EverSmith a better understanding of the uniqueness of each market it serves.
“They also have a better perspective of the employees that work with them,” Hutcheson said. “There’s nothing like having a franchise owner in the community they serve being able to take better care of employees and customers alike.”
The initial investment for a Prism Specialties location has several variables, depending on how many of the three services (textiles, art and electronics) a franchisee wants to offer. To provide all three services, the investment is between $245,255 and $322,297. The range is between $190,064 and $282,296 for two and between $149,999and $227,781 for one.
The average gross sales for an outlet with all three services in 2023 was $$1.39 million, followed by an AUV of $1.7 million for those offering two and $637,051 for one.