Banner Ventures, a private equity firm based in Salt Lake City, UT, has made a partnership with Zerorez Franchising Systems Inc. and several of the firm’s franchisee partners.
Zerorez is a natural alternative to traditional chemical-based carpet cleaning and since its founding has become a residential and commercial services franchisor across the United States. The firm boasts 70 locations with revenues of around $150 million.
“For the last two decades, Zerorez has grown into a market leader without any institutional capital supporting us,” stated Shawn Moon, Zerores chairman and CEO. “While we know that we have the technology, market reputation, and team to achieve our goals as a company, we felt that bringing in the right capital partner would enhance our ability to grow through acquisition and organic expansion. Banner is the right partner to help us build on Zerorez’s historic success while executing on our vision for future growth.”
Financing for the transaction was provided by KeyBank and McGuireWoods advised Banner Ventures on the deal. Zerorez Franchising Systems, Inc. was advised by Kirton McConkie.