ATLANTA, Oct. 23, 2024 /PRNewswire/ -- Eagle Merchant Partners ("Eagle"), a leading private equity firm specializing in franchise, multi-unit and commercial services, has acquired a majority stake in Sam the Concrete Man ("SamCo"), the largest residential concrete services franchisor in the U.S.
Founded in 1989 by Sam Wilkins and headquartered in Denver, Co., Sam the Concrete Man has more than 80 active franchise units across 30 states. In 2007, Todd Stewart purchased the business and, after operating company-owned units, transitioned to a franchise model in 2019. The company provides a wide range of residential concrete services, including driveway and sidewalk repair and replacement, patios and other small concrete projects.
Eagle Merchant Partners' investment will drive the franchisor's next growth phase. Todd Stewart will remain CEO and an equity holder, collaborating with Eagle to explore growth opportunities, including potential service line expansions.
"We're excited to partner with Eagle Merchant Partners to accelerate our growth," said Stewart. "Their experience in franchising and multi-unit businesses makes them the perfect partner as we continue to scale our operations and explore new ways to serve our customers. This investment will help us take SamCo to the next level, expanding our footprint and enhancing the support we provide to our franchisees."
"SamCo has developed a best-in-class franchise model in a strong end market with substantial runway for expansion," said Zack Taylor, Eagle Merchant Partners. "Our partnership with Todd and his team will allow us to scale SamCo's franchise network, drive brand recognition, and explore additional services that align with the company's core strengths."
The U.S. residential concrete services market, valued at over $30 billion, remains highly fragmented, with no national players currently dominating the space. SamCo's franchise model, which leverages a subcontractor service structure supported by a centralized call center, is well-positioned to capitalize on this opportunity. SamCo's top-tier franchise operating system includes lead generation, estimate scheduling and a dedicated franchise development team.
Eagle Merchant Partners, based in Atlanta, has invested more than $1 billion in businesses with unique growth potential. It has extensive franchise experience, having invested in multiple franchisor and franchisee concepts over the past decade, including Chicken Salad Chick, Code Ninjas and EnviroMaster.